NYMEX Division Seat Sale Hits A Record High

A NYMEX Division seat sold for a record $725,000 Wednesday, making it the most valuable seat at present on any futures exchange in the United States. The most recent seat sale on the Chicago Mercantile Exchange was for $550,000 and a seat on the Chicago Board of Trade most recently sold for $420,000. The Exchange's previous record for a seat sale on either division was $705,000 for a NYMEX Division seat, set on January 20, 1998. Exchange Chairman Daniel Rappaport said, "This record sale is clearly reflective of the enthusiasm for the Exchange's current initiatives including the board's recent approval of a demutualisation plan; strategies for innovative services and products; and our global expansion efforts. It is also the perfect follow-up to a year which saw the Exchange set an annual volume record of nearly 110 million contracts."