ISE And ISE Gemini Report Business Activity For November 2013

ISE and ISE Gemini™ combined represent 18.2% of equity options market share, excluding dividend trades.
ISE and ISE Gemini reported a combined ADV of 2.6 million contracts.
ISE Gemini ADV increased by 3.2% from October 2013 to November 2013.
Dividend trades made up 2.5% of industry volume in November 2013.

The International Securities Exchange (ISE) today reported a combined average daily volume (ADV) of 2.6 million contracts in November 2013 for its two exchanges, ISE and ISE Gemini. This represents 18.2% of U.S. equity options market share.

Business highlights for the month of November include:

On November 4, ISE and ISE Gemini were the first exchanges to announce a listing date of November 15 for options on Twitter (NYSE: TWTR).
On November 11, ISE announced that 5,328 Foreign Exchange (FX) Options contracts were traded, the highest single-day FX Options volume, year-to-date.
On November 19, ISE Gemini announced that it traded its 20 millionth contract.
On November 26, ISE Gemini announced that it completed its fourth successful rollout, with total listings at approximately one thousand products.
For the month of November, Implied Order functionality accounted for 5.8% of all non-crossing, multi-legged contract volume executed on ISE.

Detailed volume statistics are found in the tables below:

(NOTE: there were a total of 20 trading days in November, compared to 23 in October, accounting for the higher ADV and lower total volume in ISE Gemini.)

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

	Current Month			Year-to-Date
(000s)	Nov. 2013	Nov. 2012	% Change	Nov. 2013	Nov. 2012	% Change
ISE ADV	2,156.1	2,532.0	-14.8%	2,446.5	2,537.1	-3.6%
ISE Total Volume	43,121.7	53,171.2	-18.9%	565,144.3	583,528.8	-3.2%

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

	Month-to-Month Comparison
(Total)	Nov. 2013	Oct. 2013	% Change
ISE Gemini ADV	406,579	393,950	3.2%
ISE Gemini Total	8,131,576	9,060,840	-10.3%

ISE Equity and ETF Options Volume Statistics (000s)

	Current Month			Year-to-Date
(000s)	Nov. 2013	Nov. 2012	% Change	Nov. 2013	Nov. 2012	% Change
ISE ADV	2,151.5	2,509.8	-14.3%	2,428.5	2,515.1	-3.4%
ISE Total Volume	43,030.7	52,705.3	-18.4%	560,990.8	578,461.9	-3.0%
Market Share*	15.3%	18.2%	(2.9) pts	16.8%	18.1%	(1.3) pts

ISE Gemini Equity and ETF Options Volume Statistics (Total)

	Month-to-Month Comparison
(Total)	Nov. 2013	Oct. 2013	% Change
ISE Gemini ADV	406,309	393,648	3.2%
ISE Gemini Total	8,126,176	9,053,913	-10.2%
Market Share*	2.9%	2.5%	0.4 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**

November 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	57,758.4	0.0	57,758.4	20.6%	20.1%	0.5 pts	0.0%
PHLX	43,886.1	7,311.3	51,197.4	15.6%	17.8%	(2.2) pts	14.3%
ISE	43,030.7	0.0	43,030.7	15.3%	15.0%	0.3 pts	0.0%
AMEX	42,842.3	0.0	42,842.3	15.3%	14.9%	0.4 pts	0.0%
ARCA	32,131.2	0.0	32,131.2	11.5%	11.2%	0.3 pts	0.0%
NSDQ	24,533.1	0.0	24,533.1	8.7%	8.5%	0.2 pts	0.0%
BATS	8,633.1	0.0	8,633.1	3.1%	3.0%	0.1 pts	0.0%
Gemini	8,126.2	0.0	8,126.2	2.9%	2.8%	0.1 pts	0.0%
BOX	6,943.6	0.0	6,943.6	2.5%	2.4%	0.1 pts	0.0%
C2	5,655.0	0.0	5,655.0	2.0%	2.0%	0.0 pts	0.0%
MIAX	4,722.9	0.0	4,722.9	1.7%	1.6%	0.1 pts	0.0%
BXOptions	2,313.5	0.0	2,313.5	0.8%	0.8%	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.