A seat on the New York Stock Exchange sold today for a record $3 million, according to a news release from the Big Board. The previous high was $2.65 million on Aug. 23, 1999. Seat prices on the exchange, which fell below $1 million in January for the first time since 1995, have been rising steadily since April, when the exchange announced plans to acquire the all-electronic stock exchange Archipelago and convert to a publicly traded, for-profit organization.
"Today's seat sale represents an historic and significant event for the New York Stock Exchange and our members," John Thain, NYSE chief executive officer, said in the news release. "Clearly, this is a response on the NYSE's recent performance and, we believe, a reflection on the market's positive reaction toward the NYSE's proposed merger with Archipelago."