Caldwell Asset Management Inc. and Caldwell Securities Ltd., through their chairman, Tom Caldwell, have purchased a seat on the New York Stock Exchange.

In a statement, Caldwell said the July 14 purchase reflects the organization’s overall strategic plan to expand operations in the United States.

The NYSE regular membership seat was bought for US$2 million, up US$175,000 from the previous sale.

Seats confer the right to buy and sell stock on the Big Board’s floor. There are 1,366 seats on the NYSE.

According to the NYSE, Big Board memberships are called seats because during the exchange’s early years members would sit in assigned chairs during the roll call of stocks.