International Securities Exchange Reports Business Activity For October 2011

ISE is the largest equity options exchange in October with market share of 20.1%, excluding dividend trades.
Dividend trades made up 1.2% of industry volume in October 2011.

The International Securities Exchange (ISE) today reported average daily volume of 3.4 million contracts in October 2011. This represents an increase of 16.9% compared to October 2010. Total options volume for the month was 72.1 million contracts. ISE was the largest U.S. equity options exchange in October with market share of 20.1%*. ISE market share has gained steadily for the past four months, due in part to the completion of the Optimise™ rollout and its related enhancements, including lower latency, new functionality and improved reliability and stability. ISE's new trading rights program for Competitive Market Makers has also benefitted the exchange by adding new liquidity providers.

Business highlights for the month of October include:

On October 5, ISE announced that UBS had launched the ETRACS Monthly 2xLeveraged ISE Cloud Computing Total Return Index ETN (Ticker: LSKY). This exchange-traded note (ETN) is based on the ISE Cloud Computing Index™, a benchmark tracking companies actively involved in the cloud computing industry.
On October 25, ISE introduced the ISE Implied Volatility and Greeks Feed™, a joint offering from ISE and Hanweck Associates. Powered by Hanweck Associates' high-performance Volera™engine, this feed provides real-time, low-latency, tick-level options analytics for all equity, index and ETF options traded on the nine U.S. options exchanges.

Detailed volume statistics are found in the tables below:

Total Options Volume (Equity, ETF, Index and FX Options)

	Current Month			Year-to-Date
(000s)	Oct-11	Oct-10	% Change	Oct-11	Oct-10	% Change
ISE Average Daily Volume	3,433.4	2,936.5	16.9%	3,192.7	2,997.6	6.5%
ISE Total Volume	72,101.5	61,667.2	16.9%	670,460.8	626,495.1	7.0%

Equity and ETF Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Oct-11	Oct-10	% Change	Oct-11	Oct-10	% Change
ISE Average Daily Volume	3,412.0	2,903.9	17.5%	3,156.8	2,949.4	7.0%
ISE Total Volume	71,651.6	60,981.6	17.5%	662,923.5	616,428.4	7.5%
Market Share**	20.1%	20.6%	(0.5) pts	19.1%	22.0%	(2.9) pts

Index Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Oct-11	Oct-10	% Change	Oct-11	Oct-10	% Change
ISE Average Daily Volume	21.1	32.3	-34.6%	35.4	47.0	-24.5%
ISE Total Volume	443.3	677.4	-34.6%	7,439.7	9,812.8	-24.2%

ISE FX Options® Volume Statistics

	Current Month			Year-to-Date
(000s)	Oct-11	Oct-10	% Change	Oct-11	Oct-10	% Change
ISE Average Daily Volume	0.3	0.4	-25.0%	0.5	1.2	-58.3%
ISE Total Volume	6.6	8.1	-18.5%	97.5	253.9	-61.6%

*ISE does not include dividend trade volume in market share statistics. ISE's market share statistics continue to be negatively impacted by dividend trade strategies that are permitted based on a non-economic rationale, and inflate and distort trading volume and market share when transacted. Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in our business. For ISE's whitepaper on dividend trades and their impact on the options industry, please visit www.ise.com/dividendtrades.

Dividend Trade Impact on Industry Market Share**

October 2011 (000s)	Equity Options Volume Excluding Dividend Trades	Dividend Trade Volume	Total Reported Equity Options Volume	True Market Share	Market Share With Dividend Trades	Market Share Difference	Dividend Trades as % of Equity Options Volume
ISE	71,651.6	0.0	71,651.6	20.1%	19.9%	0.2 pts	0.0%
CBOE	69,978.3	255.6	70,233.9	19.7%	19.5%	(0.2) pts	0.4%
PHLX	66,163.7	3,279.2	69,442.9	18.6%	19.3%	(0.7) pts	4.7%
AMEX	55,888.3	130.9	56,019.2	15.7%	15.6%	0.1 pts	0.2%
ARCA	41,604.0	618.5	42,222.6	11.7%	11.7%	0.0 pts	1.5%
NSDQ	16,668.1	0.0	16,668.1	4.7%	4.6%	0.1 pts	0.0%
BATS	14,414.9	0.0	14,414.9	4.1%	4.0%	0.1 pts	0.0%
BOX	13,900.1	0.0	13,900.1	3.9%	3.9%	0.0 pts	0.0%
C2	5,527.3	0.5	5,527.9	1.6%	1.5%	0.1 pts	0.0%

**This calculation is based on in-the-money call options with a premium of $0.50 or more, and with trades greater than 1,000 contracts. Only trades with the closest expiration are considered. Exchanges without fee caps are excluded. This dividend trade volume information is presented for informational purposes only. It is provided on an "as is" basis, without warranty of any kind. ISE does not guarantee its accuracy or completeness, and ISE accepts no responsibility for any errors or omissions in, or the consequence of relying or acting upon, this information. 2010 YTD data only is only available from June 2010 onwards.