When the New York Stock Exchange unfurled its plan six months ago for a $6-billion merger with Chicago-based Archipelago Holdings Inc., David Corcoran was appalled. A seat holder for more than 25 years, he thought the terms of the NYSE’s linkup with its much smaller rival shortchanged members.Time and soaring seat prices can work miracles, however. The price of exchange memberships has nearly doubled since the deal was announced, meaning Mr. Corcoran now stands to pocket $3.6 million in cash and stock for a seat that cost him $190,000.

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