J.P. Morgan Futures, Inc. Seat Purchases Set New KCBT Membership Sales Record

The Kansas City Board of Trade on Friday set an all-time record for the sale of a Class "A" or full membership (share) with J.P. Morgan Futures, Inc.’s purchase of two memberships at $150,000 each.

This record follows on the heels of two membership sales records set late last year. The previous record of $129,000 was set on November 8. Membership values at an exchange tend to fluctuate, often reflecting trading opportunities. Membership prices have risen nearly 58 percent over previous records set in the past twelve months.

"The KCBT is proud to have such a prominent firm such as J.P. Morgan Futures, Inc. appreciate the value of membership in our organization," said Jeff Borchardt, KCBT president and chief executive officer. "Coming off of a record-year 2004 in terms of both wheat futures volume and membership prices, the KCBT continues to underscore its position as the world’s benchmark price for bread wheat. These achievements are attributable to our market transparency, depth of liquidity, speed of execution, and customer service. We are delighted that J.P. Morgan made the decision to invest in our continuing success."

The KCBT is a for-profit corporation organized under the laws of Delaware. There are 192 Class A memberships or shares of stock in the exchange and 60 "B" or associate memberships.

The Kansas City Board of Trade, chartered in 1876, is the world’s largest futures market for hard red winter wheat.