Until 2005, the owners of the 1,366 „seats” were granted the right to exchange shares directly on the stock exchange. The term comes from the fact that, until the 1870s, NYSE members sat acting in chairs. In 1868, the number of seats was set at 533, and this number has increased severalfold over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity, as they provided the opportunity to trade shares directly to the NYSE and seatholders were commonly referred to as NYSE members. The Barnes family is the only known lineage that has five generations of NYSE members: Winthrop H. Barnes (admitted in 1894), Richard W.P. Barnes (admitted in 1926), Richard S. Barnes (admitted in 1951), Robert H.
Barnes (admitted in 1972), Derek J. Barnes (approved in 2003). Seat prices have fluctuated sharply over the years, generally collapsed during recessions and have increased during economic expansion. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which today would exceed $6 million. More recently, the seats were sold in the late 1990s at a cost of up to $4 million and in 2001 for $1 million. In 2005, seat prices climbed to $3.25 million when the Stock Exchange entered into a merger agreement with Archipelago and became a publicly traded for-profit company. Shareholders received $500,000 in cash per seat and 77,000 shares of the newly created company. The NYSE now sells one-year licenses to trade directly on the stock exchange. Licenses for ground trade are available for $40,000 and a licence to trade bonds from 2010 for only $1,000.  Both are not for sale, but may be transferable to a company holding a commercial license upon a change of ownership. J. Have you reached an agreement to share the profits of your business activities or to obtain compensation for your business activities? 8.
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