Listings & Volume Growth
On March 14, the ISE traded its 100-millionth contract since the launch of trading in May 2000. ISE's growth has been continuously accelerating, as the industry has embraced the efficiencies and unique structure of this marketplace. ISE traded its first 25 million contracts on its one-year anniversary, its 50-millionth contract four months later, its 75-millionth contract within three months and its 100-millionth contract only two months later.
ISE's product list has grown to 489 issues. This Exchange is now the primary market, as represented by volume, in 130 of its issues. The current list of all issues traded is always available on our web site (www.iseoptions.com) within the section entitled "Product Information." ISE intends to list the top equity options representing approximately 90% of the U.S. equity options market by volume; total industry volume in the current listings comprise approximately 88% of the market.
The Exchange has firmly established itself as the third largest of the five U.S. options exchanges, having occupied this position for the past six month period.
ISE's average daily volume during the first quarter of 2002 was 526,136 contracts, up 42% from the average volume (370,689 contracts) during the last quarter of 2001.
ISE's market share in its listed products averaged 20% for the first quarter, up from 16.3% during the final quarter of last year. ISE's market share for all listed equity options averaged 17.8%, compared to 13.5% for the fourth quarter of 2001. The advantages of ISE's unparalleled market structure and trading system continue to fuel this expansion, as more Electronic Access Members (EAMs) experience these benefits on behalf of their customers.
Membership
On March 22, ISE approved the sale of two CMM memberships, both at $1.6 million. This follows three other recent CMM sale approvals (during November, December and February) at $1.6 million each. These are further indications of the industry's strong support for ISE's market structure and methodology.
