International Securities Exchange Reports Business Activity For September 2013

ISE and ISE Gemini™ combined represent 17.3% of equity options market share, excluding dividend trades.
ISE reported a combined ADV of 2.4 million contracts.
Dividend trades made up 2.7% of industry volume in September 2013.

The International Securities Exchange (ISE) today reported a combined average daily volume (ADV) of 2.4 million contracts in September 2013 for its two exchanges, ISE and ISE Gemini. This represents 17.3% of U.S. equity options market share.

Business highlights for the month of September include:

On September 30, ISE Gemini rolled out 200 additional products. Total listings on ISE Gemini now represent over ninety percent of overall equity and ETF options volume.
For the month of September, Implied Order functionality accounted for 6.5% of all non-crossing, multi-legged contract volume executed on ISE.

Detailed volume statistics are found in the tables below:

ISE Total Options Volume (Equity, ETF, Index and FX Options - 000s)

	Current Month			Year-to-Date
(000s)	Sept. 2013	Sept. 2012	% Change	Sept. 2013	Sept. 2012	% Change
ISE ADV	2,197.6	2,673.3	-17.8%	2,483.5	2,553.2	-2.7%
ISE Total Vol.	43,952.7	50,793.3	-13.5%	466,895.2	480,006.9	-2.7%

ISE Gemini Options Volume (Equity, ETF, and Index - Total)

	Month-to-Month Comparison
(Total)	Sept. 2013	Aug. 2013	% Change
ISE Gemini ADV	207,608	78,608	164.1%
ISE Gemini Tot.	4,152,168	1,572,167	164.1%

ISE Equity and ETF Options Volume Statistics (000s)

	Current Month			Year-to-Date
(000s)	Sept. 2013	Sept. 2012	% Change	Sept. 2013	Sept. 2012	% Change
ISE ADV	2,192.7	2,636.2	-16.8%	2,462.4	2,530.6	-2.7%
ISE Total Vol.	43,853.0	50,087.5	-12.4%	462,939.8	475,746.1	-2.7%
Market Share*	15.8%	18.2%	(2.4) pts	17.1%	18.1%	(1.0) pts

ISE Gemini Equity and ETF Options Volume Statistics (Total)

	Month-to-Month Comparison
(Total)	Sept. 2013	Aug. 2013	% Change
ISE Gemini ADV	207,435	78,544	164.1%
ISE Gemini Tot.	4,148,690	1,570,887	164.1%
Market Share*	1.5%	0.6%	0.9 pts

*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**

September 2013 (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
CBOE	57,888.9	0	57,888.9	20.8%	20.3%	0.5 pts	0.0%
ISE	43,853.0	0	43,853.0	15.8%	15.3%	0.5 pts	0.0%
PHLX	41,921.4	7,577.8	49,499.2	15.1%	17.3%	(2.2) pts	18.1%
AMEX	38,398.1	0	38,398.1	13.8%	13.4%	0.4 pts	0.0%
ARCA	34,430.1	0	34,430.1	12.4%	12.1%	0.3 pts	0.0%
NSDQ	25,669.4	0	25,669.4	9.2%	9.0%	0.2 pts	0.0%
BATS	12,921.3	0	12,921.3	4.6%	4.5%	0.1 pts	0.0%
BOX	6,934.4	0	6,934.4	2.5%	2.4%	0.1 pts	0.0%
C2	5,279.3	0	5,279.3	1.9%	1.9%	0.0 pts	0.0%
MIAX	4,264.0	0	4,264.0	1.5%	1.5%	0.0 pts	0.0%
Gemini	4,148.7	0	4,148.7	1.5%	1.5%	0.0 pts	0.0%
BXOptions	2,545.1	0	2,545.1	0.9%	0.9%	0.0 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.