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The Privilege of Membership
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Update These include multinational grain exporting companies, international flour and feed mills, domestic grain elevators, international wheat boards, U.S. commodity brokerage houses, and individuals trading for themselves. To be a member, an individual must be of good character and meet exchange net worth and working capital requirements. All members must establish a business relationship with a clearing member, a higher level of membership subject to additional financial requirements and greater financial responsibility. The exchange offers two types of memberships: Class A and Class B. There are192 Class A seats, which allow trading in any KCBT product. More than 20 Class A members are clearing members. Class B seats, of which there are 60, allow trading in stock index products. Class A members carry one vote in every election; Class B members carry one-quarter vote in the annual election of officers and otherwise may only vote on items for which they are permitted to trade. Class A membership brings another benefit. Class A members gain one share of ownership in the exchange itself. The adjusted net asset value of one seat recently exceeded $166,254, with the average sale price of $503,038 during 2007. On December 18, 2007, a record-high selling price of $725,000 was set. Being a member of the KCBT has always brought status. Today, KCBT members continue to play an important role in the local and national scene. |
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