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 1. In the most general context, a brokerage firm (or broker) holding membership on an organized stock or commodities exchange. Membership is generally required in order to fill trades for clients on the exchange. 2. For the New York Stock Exchange, one of over 1300 individuals or firms owning a seat on the exchange. 3. For the National Association of Securities Dealers (NASD), any broker-dealer admitted to membership in the association. |
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 Brokerages must have a "member seat" on the NYSE to trade stocks for their clients. The larger firms have several seats on the exchange. Seats cost over $1,000,000 each! |
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 What does membership in the NYSE entail, and why is it known as "owning a seat"? What's the difference between a Nasdaq market maker and a NYSE specialist? Brokers and Online Trading - How do you find the right broker for your investment needs? Start by reading our broker tutorial. |
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