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----- Original Message -----
From: "Jacobson, Alex" <AJacobson@xxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, March 19, 2002 12:25 PM
Subject: RE: [RT] Seats at Amex options exchange plummeting
> Seat prices are actually up on one exchange.
NW: Duuuuuh, what exchange would that be Alex?
By the way, how do you like living in NY vs. Chicago?
If it's an electronic exchange, can you work from anywhere?
Cheers,
Norman
>
> -----Original Message-----
> From: Gary Funck [mailto:gary@xxxxxxxxxxxx]
> Sent: Tuesday, March 19, 2002 11:43 AM
> To: Realtraders@xxxxxxxxxxxx Com
> Subject: [RT] Seats at Amex options exchange plummeting
>
>
>
> http://www.iht.com/articles/51693.html
>
> Cheap seats on the floor
> Elizabeth Reed Smith The New York Times
> Tuesday, March 19, 2002
>
> Prices plunge for options exchange membership
>
> NEW YORK The value of seats on U.S. options exchanges has been plunging.
> Traders who paid as much as $19,500 a month to do business on the American
> Stock Exchange in August 2000 are now signing leases for as little as
$1,500
> a
> month.
>
> The price declines have been distressing for people who bought the seats
as
> investments, expecting them to appreciate. "This is a painful period we're
> enduring," said Paul Liang, who manages PBL Partners, a fund based in
> Chicago
> that invests in seats on options exchanges. The fund's value has plummeted
> to
> $14.7 million from $70 million at its peak in 1999, he said.
>
> Ownership of seats has become less desirable because of the protracted
bear
> market, competition among exchanges, the birth of an electronic market and
> shifts in trading practices that make options prices more transparent. But
> those same changes, people in the industry say, may benefit individual
> investors by cutting trading costs.
> [...]
>
>
>
>
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