Price of NYSE Seat Declines Again
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The New York Stock Exchange on Friday said a regular seat sold for $1.45 million, down $10,000 from the prior sale on Tuesday and the third time in a row the price of a seat has declined. The sale price was the lowest in seven months.
In a statement, the Big Board said an NYSE seat now fetched a bid of $1.3 million and was being offered for $1.8 million. There are 1,366 NYSE seats.
A seatholder is entitled to buy and sell stock on the NYSE floor. Seat prices are influenced by such factors as the health of the market and the economy. They also serve as a barometer of the Big Board’s prestige.
Friday’s sale price was 45% below the August 1999 peak price of $2.65 million and 12% above the five-year-low of $1.3 million set in November, less than two months after former NYSE Chairman Richard Grasso resigned amid controversy over his $188-million pay package.
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