Amex Seat Sells for a Record $570,000
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In yet another sign of Wall Street bullishness, an American Stock Exchange seat sold for a record $570,000 on Wednesday, or 3.5% above the last sale on Dec. 11.
Owning a seat gives the holder the right to trade stocks and options on the third-largest U.S. stock market and No. 2 options market. The Amex is a subsidiary of the National Assn. of Securities Dealers, which acquired it in October.
The price of membership on an exchange typically rises when Wall Street believes stock-trading volume is going to increase, thus boosting revenue and earnings for exchange traders.
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