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Tool NYSE-l

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  • NYSE-l toimub kauplemine väga erinevalt Nasdaqist - nimelt on seal vastas reaalne maakler (specialist), samas kui Nasdaq on elektrooniline börs ja tehingupooled viiakse kokku arvuti poolt. Seetõttu on ka NYSE aktsiatega aktiivselt kaubelda raskem, tehingu teostamine võib veidi kauem aega võtta.

    Igatahes, allpool on päris hea lugemine vastuseks küsimusele "mida tähendab tool NYSE-l?".

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    Exchange Seats
    9/17/04 11:44 AM EDT
    Reader: What exactly is a "seat" on or membership in an exchange? What is the benefit of purchasing this membership?


    Steven Smith: Exchange membership, or owning a "seat," essentially represents a fractional ownership of the said exchange. It also conveys certain trading rights that allow the seat owner to facilitate transactions directly on the exchange floor or electronic trading platform. Aside from trading rights, with membership come other benefits such as lower margin requirements, reduced transaction fees and potential capital gains if the value of membership increases.

    The value of the membership is also a function of supply and demand. For example, the New York Stock Exchange has just 1,366 member seats; this supply number does not change, so its value becomes mostly a function of demand. The current purchase price for an NYSE seat is around $1.30 million, about 50% below its peak in 2000. Another measure of demand is the cost to lease or "rent" a seat, which currently costs around $12,000 per month for the NYSE, also about half of the price it commanded just three years ago. The reason for the decline can be attributed to rival electronic exchanges, a decline in trading volume and some recent scandals and management issues.

    By contrast, the New York Mercantile Exchange has seen its membership seat price more than double over the last five years, mainly as a result of the booming oil market. People will pay to trade where the action is.

    Some people will buy an exchange seat as an investment if the seat lease price shows an attractive yield. Given the prices above, the NYSE seat currently yields about 11% per year; not bad, but remember, this is far from a risk-free investment. Again, be aware that if the value of the seat declines, not only will it result in a loss of capital, but lease price will fall, resulting in reduced income or a lower yield on the investment.

    A new trend is for exchanges to demutualize, in which the trading rights are separated from the ownership rights. This allows people to lease a trading permit from the exchange, which may or not put a limit on the number or trading permits it authorizes, while others can buy shares of the exchange to benefit from any profits or increase in value. Demutualization is the first step toward an initial public offering or taking the exchange from a private co-operative into a publicly traded company.

    The Chicago Mercantile Exchange (CME:NYSE) was the first U.S. exchange to have an IPO, and it was quite successful. Its shares are up more than 330% in less than two years. At the time of the IPO, CME members received shares of the exchange's stock. The conversion gave full seat members of the CME (the top level of ownership) some 16,000 shares each, which at the current price of $140 per share, have a value of $2.24 million. So far, that's been a great investment.
  • "Posted 8/27/2004 4:10 PM

    NYSE seat is sold for lowest price since 1996
    NEW YORK (DowJonesAP) — The New York Stock Exchange said Friday a seat on the exchange sold for $1.15 million, the lowest price in eight years, and down $100,000 from the previous sale Aug. 17.
    In 1996, an exchange seat sold for $1.05 million.

    Seat prices have been under pressure because of factors such as weaker trading volume and proposed overhauls that would modernize trading but could lessen the role of the trading floor.

    The NYSE's 1,366 memberships are called seats because exchange members sat in assigned chairs in the early years. The memberships convey the right to do business at the 212-year-old exchange, which is a private association.

    The highest price paid for a seat on the NYSE was $2.65 million in August 1999.

    A spokesman for the NYSE declined to comment on seat prices. "


    Actually, it seems to me that specialist slightly will be substituted by computer programs(MM's) as it goes on NASDAQ.

    Kristjan, what do you think about trading sessions? If computers come, will be trading 24h a day like forex?

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