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Traders are no longer in cheap seats; As CBT, Merc values rise, CHX is still on the floor.(News)
Crain's Chicago Business, December, 2003
Byline: STEVEN R. STRAHLER Charles Bloomfield despaired of recouping his investment in a Chicago Board of Trade seat he bought in 1972. "A couple of years back, I thought it was all over but the shouting,'' says the 60-year-old agricultural commodities trader, now semiretired in California.
Membership prices were in a free fall, plummeting from a peak of $857,500 in 1997 for a full membership to $240,001 in June 2002. Since then, there's been a remarkable reversal, considering the ever-stiffer competition confronting the Board of Trade (CBT): Seat prices have nearly doubled, hitting $472,000 last week, despite the looming local entry of Swiss-German exchange Eurex AG, which has forced the CBT to cut fees, strike a clearing alliance with archrival Chicago...
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