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The seats on the coast took a blood bath from what I heard. They sold a couple
of years ago for as high as $500,000, I know someone that sold his for $375,000,
and I understand today they sell for less then $50,000. I don't have a current
seat quote, the above is being related second hand. Ira.
Norman Winski wrote:
> ----- 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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> >
> >
> >
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>
>
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