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The largest options market is the International Securities Exchange, an electronic exchange that has no trading floor.
Mr. Ritchie founded the Chicago Research and Trading Group, one of the largest options trading firms when he sold it in 1993 for $225 million.
The last time the S.E.C. approved such an application was more than a quarter-century ago, in 1973, for the Chicago Board Options Exchange, now the world's largest options exchange.
The sale, on Tuesday, was the lowest price for an Amex seat in two years, said Bart Liang, a partner in PBL Partners in Chicago, which owns 162 seats on the four largest options markets.
9 24 p.m. | Updated Trading on the nation's largest options exchange was delayed for several hours on Thursday because of computer problems, the latest incident to highlight the vulnerability of markets to technological shocks.
The Chicago Board Options Exchange, the world's largest options exchange, and the Chicago Mercantile Exchange Inc., the biggest United States futures exchange, said they had signed a letter of intent to create a joint venture to introduce single-stock futures contracts.
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Instapainting's smallest option (a 12″x12″ canvas) starts the pricing at $53 (including shipping), with the largest option (29.33″x22″) going for $130.
Microsoft, for example, has given unusually large options grants in recent weeks, as The Wall Street Journal reported this week.
Sometimes, they say, the features are part of a larger options package that includes extras a buyer may not need.
Asus has introduced a larger model, the Eee PC 900, with an 8.9-inch screen, and eventually, it will offer even larger options, said Jackie Hsu, president of Asus North America.
But knowing that large options grants had made their wealth dependent almost entirely on the company's stock price, executives had an incentive to do anything in order to improve the profits they were reporting, investors are emphasizing now.
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