The Chicago Board Options Exchange announced a new seat sale record today.

A CBOE seat was bought today at a price of US$1.25 million. This set a new record seat price surpassing the previous high of $1.15, set on March 24.

The exchange says that today’s seat sale was the 26th of the year and the 13th seat that was sold for at least $1 million dollars during 2006. The high seat sale for 2005 was $875,000.

Seats are bought and sold via CBOE’s membership department using an auction method in which bids and offers are submitted to the exchange on an “as-desired” basis. When a bid matches an offer, a sale is made.