Seat

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In traditional parlance, a "seat" is a very broad term. One might have a "seat at the table," a "seat on a board," etc. In the financial exchange world, a "seat" denotes having a membership on an exchange. Memberships come in a number of forms with different privileges for the seat holder, depending on the particular exchange. Some exchanges offer a full membership, which entitles the member to trade everything at the exchange, or a special membership or memberships that entitle an individual to trade only certain products, or a combination of full and specific-use memberships.