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1,041,578

1,759,900

702,000

Source: NYSE Fact Book 2001, New York Stock Exchange. Reprinted with permission.

Source: NYSE Fact Book 2001, New York Stock Exchange. Reprinted with permission.

the NYSE tend to be higher than those on other exchanges, the dollar value of trading on the NYSE has averaged about 87 percent of the total value of U.S. trades, compared with less than 3 percent for the AMEX and about 10 percent for the regional exchanges.9

The volume of trading and relative stature of the NYSE is reflected in the price of a membership on the exchange (referred to as a seat). As shown in Exhibit 4.4, the price of membership has fluctuated in line with trading volume and other factors that influence the profitability of membership.

9For a discussion of trading volume and membership prices, see Greg Ip, "Prices Soften for Exchange Seats," The Wall Street Journal, 27 May 1998, C1, C17.

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