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Industry Brief

The New York Mercantile Exchange Inc. (Nymex) said Monday that a seat on the Nymex Division of the exchange sold for a record $3,775,000, the most ever for a seat on any futures exchange. Nymex said the seat, which surpasses the $3.1 million record sale set on October 27 (see Daily GPI, Oct. 24), is also the highest currently traded on any exchange -- futures or equity -- in the world. Ownership of a seat on the Nymex Division also represents a share of common stock in Nymex Holdings Inc. "It is gratifying to see the value of our seats continue to grow," said James E. Newsome, president of Nymex. "This recent seat sale is a reflection of the confidence the energy and financial communities have in the exchange's risk management tools."

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