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A person, normally a broker, who has a seat on a stock exchange. This means that he/she is allowed to make trades on the floor of that exchange. Most exchanges do not allow a company to be a member, so the membership for a member firm formally belongs to an individual employee. Memberships are bought and sold at market price because most exchanges have a finite number.


An individual who owns a seat on a commodities or securities exchange. See also allied member.
References in periodicals archive ?
(Part One: New York), LAW and AI (May 14, 2017), personhoodalready-possible-under- current-u-s-laws-dont-count-on-it-part-one/[] [hereinafter Scherer, Part One] (arguing that memberless LLCs can exist only for brief periods under New York law)); Mathew Scherer, Is AI Personhood Already Possible Under U.S.
Hausermann, Memberless Legal Entities Operated by Autonomous Systems--Some Thoughts on Shawn Bayern's Article 'The Implications of Modern Business-Entity Law for the Regulation of Autonomous Systems' from a Swiss Law, University of St.
Washington State Apple Advertising Commn.(153) The Hunt case involved a memberless State of Washington commission that was deemed to represent apple growers who had "all of the indicia of membership,"(154) in a suit based on the Commerce Clause of the Constitution.(155) The Court treated the organization as though it were a trade organization seeking to represent the interests of its members.(156) The Hunt Court's analysis was derived directly from the prudential considerations announced in Warth,(157) from which the Hunt Court contrived a three-part test for representational standing:

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