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Investor Relations

Glossary

Simply choose a section to access the glossary you need:

Term

Description

Sarbanes-Oxley Act

Secondary Distribution

secondary market

Secure Financial Transaction Infrastructure (SFTI)

Securities and Exchange Commission (SEC)

Securities Industry Association (SIA)

Securities Investor Protection Corporation (SIPC)

selective hedge

Self-Regulation

settlement price

settlement to the market

share certificate

Share Repurchase

Shares Outstanding

Sole Proprietorship

special transaction statement

Stapled security

Statement of Financial Performance

Statement of Financial Position

stock index future

Stock Index Futures

Stockholder of Record

Stop-limit Order

Stop-loss Order

substantial shareholder

sundry creditors

Seat
A membership on the NYSE is traditionally referred to as a "seat" because in the early years of its existence members sat in assigned chairs during the roll call of stocks. The term lost its literal meaning with the advent of continuous trading in 1871. Originally, the number of NYSE memberships increased or decreased as new members joined or older ones died or resigned. Then in 1868 the Exchange established a fixed number of memberships and revised its rules to allow members to sell their seats. After selling for as little as $4,000 in the late 1860s and early 1870s, memberships reached $80,000 by the turn of the century. The highest price ever paid for a seat was 2,650,000 on August 23, 1999. Prices are based on the interplay of supply and demand and reflect the profitability of the brokerage business, the level of trading volume on the Exchange, general economic conditions, and other factors. Their owner may now lease seats. Owning a seat on the New York Stock Exchange carries with it prestige, power, and responsibility. Most important, it entitles one to buy and sell securities on the floor, as an agent for others or for one"s own account. However, being able to afford a seat is not enough, by itself, to gain membership. Candidates are reviewed by the NYSE Membership Department and must meet high standards of personal and financial integrity and demonstrate their knowledge of the securities business. Once admitted, their activities are subject to continuous oversight by the NYSE and government regulators to assure compliance with securities regulations and ethical conduct in serving the needs of clients.