open outcry still lives on !

[SethArb]

excerpted from ...

www.nymex.com


-New York, N.Y., November 14, 2005 — A seat on the NYMEX Division of the New York Mercantile Exchange, Inc., sold today for a record $3,775,000, the most ever for a seat on any futures exchange.-

I remember when seats were 1/10 that price

 

[aPismoClam]

i am ambivalent about this.

for now.

 

[coolweb]

Sounds to me like the top of the oil market for now

 

[Hooked2000]

The price is based on what happened in chicago...look at valuation of BOT (chicago board of trade) and CME. A seat at he BOT could have been bought for less than a million last year. I think they got something like 28000 shares for each seat, worth over 3mil now...same thing happened at the cme.

 

[ElectricSavant]

long live the pits...

 

[JDE13158]

It's just too bad that eventually the shareholders will push for electronic trading, or at least side by side...

 

[Apex Capital]

Quote from SethArb:

New York, N.Y., November 14, 2005 — A seat on the NYMEX Division of the New York Mercantile Exchange, Inc., sold today for a record $3,775,000, the most ever for a seat on any futures exchange.-

I remember when seats were 1/10 that price

I remember when those seats were 1/100th of that price!
Better than Fairfield County real estate.


And to think that several seats traded in a divorce settlement ( had to be liquadated ) back around the $500,000 level.
My my!
:eek: