Chicago Merc

I had a college roommate who claimed his dad/family owned a seat on the Chicago Merc. I understand that's the Chicago Mercentile Exchange, but is this a big deal or not? He acted like he was loaded. I talked to a stockbroker here in Minneapolis tho and he said it's not as big a deal as it use to. Also, just for context... how many seats are available on the Chicago Merc and what does owning a seat allow you to do?

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