The Chicago Board Options Exchange reported that a seat at the exchange sold for $2.5 million on Tuesday, in the first transaction since the largest U.S. options market settled a legal battle over ownership rights.

The $2.5 million price marks a decline from the prior sale, when a seat sold for $2.75 million on Nov. 5, according to the exchange.

The CBOE, which controlled about 32% of U.S. options trade in November, last week settled a four-year legal dispute that has kept the market operator from converting to a shareholder-owned entity.

That process, known as demutualization, would allow the CBOE to finally go public, a route taken years ago by most of its peers in the U.S. exchange sector. There's also the possibility of a larger rival, such as CME Group Inc. (CME) or NYSE Euronext (NYX), approaching the CBOE with a merger offer.

Both paths would allow CBOE members to cash in on their seats, along with the trading rights these carry.

The identity of Tuesday's seat buyer was not reported, and CBOE representatives did not immediately respond to inquiries. Bruce V. Rauner, principal and chairman of Chicago-based private equity firm GTCR Golder Rauner LLC, made the last two purchases on Nov. 5.

-By Jacob Bunge, Dow Jones Newswires; (312) 750 4117; jacob.bunge@dowjones.com
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