International Securities Exchange To List Options On ISE Max SPY™ Index - New Cash-Settled Option Product Tracks Most Popular ETF

The International Securities Exchange (ISE) announced today that it has filed for approval with the Securities and Exchange Commission (SEC) to list options on the ISE Max SPY™ Index, a new proprietary index that represents ten times the value of the SPDR® S&P500® ETF Trust (SPY). Currently, options on SPY are the most actively traded contract in the options industry, with average daily volume of 2 million contracts on a year-to-date basis. Options on the ISE MAX SPY Index will build upon the success of SPY options by offering a large-sized, European-style option that is cash-settled, characteristics which appeal to the institutional segment of the market.
  
Gary Katz, ISE's President and Chief Executive Officer, said, "ISE led the industry to introduce options trading on SPY, which grew to become the most popular options product ever. We believe options on the ISE Max SPY index are an equally exciting product that offer an alternative for institutional traders who are seeking exposure to the SPY but prefer to trade an index option that has a higher notional value and settles in cash instead of the traditional ETF option that settles in shares."
 
ISE plans to offer competitive fees for options on the ISE Max SPY that are aligned with other index options products listed on the exchange.
  
The product and associated fees are both subject to regulatory clearance.