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Chicago Board Options Exchange (CBOE) traded a record membership price of $2.75m on 24 October. The exchange sold two seats on the same day at the previous record high price of $2.7m. The previous record price was set on 6 August.
With the day’s three seat sales, a total of 80 have now traded in 2007. The record is a 57% increase on the $1.75m price paid at the end of last year. During 2006, the highest price paid for a CBOE seat was $1,775m on 6 December. The lowest price paid was $850,000 on 30 January 2006 and a total of 111 seats changed hands during the year.
“At the highest level of economic motivation for their actions and most generous interpretation of them, they are trying to influence prices in a way that benefits mankind and they should be considered heroes for it.”
John Lothian on speculators in the commodity markets.