Chart of the Week: NYSE Seats versus S&P500

Wednesday, December 07, 2005 | 06:30 AM

The current prices that are being paid for NYSE seats are much higher than they have been relative to the S&P500.

If the historical relationship remains relatively stable, than one of two outcomes is implied:  either the S&P500 is very undervalued relative to the seats - or the seats are being overpaid for.
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NYSE Seat Exchange Prices vs SPX

Nyseseat

Source: Michael Panzner

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Will the historical pattern hold up, or does the recent merger alter the relationship? It is possible that the NYSE/Archipelago deal is skewing the value of NYSE seats.


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Wednesday, December 07, 2005 | 06:30 AM | Permalink | Comments (4) | TrackBack (0)
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Comments

I think the desire for better regulation and oversight of emerging market equities will lead to an increase in listings of foreign companies on exchanges that require transparency.

Hence, the market is pricing exchanges that offer this service at a premium.

Posted by: Andrew Schmitt | Dec 7, 2005 10:19:13 AM

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