• Refers to membership on an exchange. A seat can be purchased or leased. Some exchanges offer different types of membership or trading privileges. These can be full membership, associate membership, time-limited membership, and product-limited membership.

 Embedded terms in definition
 Referenced Terms
 Member: (1) Of the New York Stock Exchange: one of the 1,366 individuals owning a Seat on the Exchange. (2) Of the National Association of Securities Dealers (NASD): any broker or dealer admitted to membership in the Association.

 Related Terms
 Membership or a seat on the exchange

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