DEFINITION of 'Member'

1. In the most general context, a brokerage firm (or broker) holding membership on an organized stock or commodities exchange. Membership is generally required in order to fill trades for clients on the exchange.

2. For the New York Stock Exchange, one of more than 1,300 individuals or firms owning a seat on the exchange.

3. For the National Association of Securities Dealers (NASD), any broker-dealer admitted to membership in the association.


Brokerages must have a "member seat" on the NYSE to trade stocks for their clients. The larger firms have several seats on the exchange. Seats cost more than $1 million each!

  1. Broker-Dealer

    A person or firm in the business of buying and selling securities, ...
  2. Allied Member

    A person who is not a member of the New York Stock Exchange (NYSE) ...
  3. New York Stock Exchange - NYSE

    A stock exchange based in New York City, which is considered ...
  4. Member Firm

    A broker-dealer in which at least one of the principal officers ...
  5. National Association Of Securities ...

    The NASD was a self-regulatory organization of the securities ...
  6. Execution Only

    A trading service that is restricted to execution of trades only, ...
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