NEW YORK — A seat on the New York Board of Trade sold at $1.075 million Wednesday, surpassing a prior record of $1.025 million set Oct. 4, the exchange said. A seat sold Monday at $1.025 million, and another sold at that level last week.
The exchange, which lists futures and options on commodities including sugar, coffee, cotton and cocoa, has 977 full seats held by more than 700 members. The seats allow their owners to trade all markets at the exchange. A seat late Wednesday was offered at $1.10 million and bid at $1.06 million.
A year ago, a seat sold for $360,000. Seat prices have climbed since NYBOT’S governing board decided a month ago to consider a $1 billion bid by the all-electronic IntercontinentalExchange to purchase NYBOT for ICE stock and $400 million in cash.
An option-trading permit on NYBOT sold at $60,000 on Thursday, below a prior sale at $62,000 on Oct. 2, the exchange said. An options permit is now bid at $30,000 and offered at $90,000. NYBOT management met with options-permit holders Friday to discuss their rights, which in the event of a merger, would include issuance of new permits.
The ICE deal requires the approval of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, and then needs two-thirds of NYBOT members to sign off on it. Members are expected to vote in late 2006 or early 2007.