:: actio-et-reactio ::
amg's market charts and blather
Balance is but a brief transition between extremes.
Content: amg
Basis: glish & bluerobot
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New York: An American Stock Exchange seat-holder agreed to sell his seat last week for $255,000, or 38 percent less than the previous sale, and that was only after the exchange's owner stepped in to buy it.
The National Association of Securities Dealers planned to buy the seat, said Robert Rendine, a spokesman for the Amex, using money for the first time from a fund set up to help stabilize seat prices when the NASD bought the exchange in 1998. The seller changed his mind and canceled the transaction, Rendine said.
Seat prices at the American exchange and the other three U.S. options markets have slid as the switch to trading in penny increments, the plunge in stock prices and increased competition have made options trading less profitable, traders said.
The NASD is "supporting seat prices because they are so low,'' said Paul Liang, managing partner of PBL Partners, which owns six Amex seats.[from Bloomberg]
|
moon phases |
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows