What does it mean to have a seat at an exchange? Which benefits/advantages does it bring, and what does such a seat usually cost?
It means I lease a seat and pay a montly fee.
The advantages are lower fees and access to millisecond data, which I need for my proprietary automated trading strategies that I developed from years of experience trading lean hogs and other specialized markets.
The cost is irrelevant, as my many highly skilled traders, that I mentored for free before giving them a seat at one of my exchanges, make more money in one day, than all the traders on ET make in one year.
J_3
What are the requirements? 
