The New York Stock Exchange last night sold a seat for a record $3m (€2.43m). It tops a previous peak of $2.65m almost six years ago and comes as the exchange prepares a reverse takeover of Archipelago, the US listed electronic stock market.

John Thain, chief executive of the NYSE, said: "The seat sale represents an historic and significant event for the NYSE and our members. Clearly this is a response on the NYSE's recent performance and, we believe, a reflection on the market's positive reaction towards the NYSE's proposed merger with Archipelago."