- ISE and ISE Gemini combined represent 13.6% of equity options market share, excluding dividend trades.
- ISE and ISE Gemini reported a combined ADV of 2.2 million contracts.
- Dividend trades made up 0.5% of industry volume in January 2015.
International Securities Exchange Holdings, Inc. (ISE Holdings) today reported a combined average daily volume (ADV) of 2.2 million contracts in January 2015 for its two exchanges, ISE and ISE Gemini. This represents 13.6% of U.S. equity options market share.
Trading of multi-legged strategy orders on ISE through Implied Order functionality surpassed 33 million contracts since launch and accounted for 5.2% of all non-crossing, multi-legged contract volume executed on ISE during the month of January.
Detailed volume statistics are found in the tables below:
ISE Total Options Volume (Equity, ETF, Index and FX Options - 000s)
|
|
Current Month |
||
|
(000s) |
Jan-15 |
Jan-14 |
% Change |
|
ISE ADV |
1,836.8 |
2,434.5 |
-24.5% |
|
ISE Total Volume |
36,736.6 |
51,124.5 |
-28.1% |
ISE Gemini Total Options Volume (Equity, ETF, and Index - 000s)
|
|
Current Month |
||
|
(000s) |
Jan-15 |
Jan-14 |
% Change |
|
ISE Gemini ADV |
338.0 |
548.3 |
-38.4% |
|
ISE Gemini Total |
6,760.4 |
11,515.1 |
-41.3% |
ISE Equity and ETF Options Volume Statistics (000s)
|
|
Current Month |
||
|
(000s) |
Jan-15 |
Jan-14 |
% Change |
|
ISE ADV |
1,834.6 |
2,427.5 |
-24.4% |
|
ISE Total Volume |
36,691.3 |
50,976.6 |
-28.0% |
|
Market Share* |
11.5% |
14.7% |
(3.2) pts |
ISE Gemini Equity and ETF Options Volume Statistics (000s)
|
|
Current Month |
||
|
(000s) |
Jan-15 |
Jan-14 |
% Change |
|
ISE Gemini ADV |
337.5 |
548.1 |
-38.4% |
|
ISE Gemini Total |
6,750.8 |
11,509.7 |
-41.3% |
|
Market Share* |
2.1% |
3.3% |
(1.2) pts |
*ISE Holdings does not include dividend trade volume in market share statistics. ISE and ISE Gemini’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 Holding’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**
|
January 2015 (000s) |
Equity Options Volume Excluding Dividend Trades |
Dividend Trade Volume |
Total Reported Equity Options Volume |
Market Share With Dividend Trades |
True Market Share |
Market Share Difference |
Dividend Trades as % of Equity Options Volume |
|
CBOE |
64,164.5 |
0.0 |
64,164.5 |
20.0% |
20.1% |
0.1 pts |
0.0% |
|
PHLX |
53,615.0 |
1,573.7 |
55,188.7 |
17.2% |
16.8% |
(0.4) pts |
2.9% |
|
ISE |
36,691.3 |
0.0 |
36,691.3 |
11.4% |
11.5% |
0.1 pts |
0.0% |
|
NSDQ |
33,387.0 |
0.0 |
33,387.0 |
10.4% |
10.5% |
0.1 pts |
0.0% |
|
ARCA |
33,041.0 |
0.0 |
33,041.0 |
10.3% |
10.4% |
0.1 pts |
0.0% |
|
BATS |
31,025.5 |
0.0 |
31,025.5 |
9.7% |
9.7% |
0.0 pts |
0.0% |
|
AMEX |
25,792.4 |
0.0 |
25,792.4 |
8.0% |
8.1% |
0.1 pts |
0.0% |
|
MIAX |
15,475.7 |
0.0 |
15,475.7 |
4.8% |
4.9% |
0.1 pts |
0.0% |
|
BOX |
9,913.8 |
0.0 |
9,913.8 |
3.1% |
3.1% |
0.0 pts |
0.0% |
|
C2 |
7,083.1 |
0.0 |
7,083.1 |
2.2% |
2.2% |
0.0 pts |
0.0% |
|
ISE Gemini |
6,750.8 |
0.0 |
6,750.8 |
2.1% |
2.1% |
0.0 pts |
0.0% |
|
BXOptions |
2,174.9 |
0.0 |
2,174.9 |
0.7% |
0.7% |
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 Holdings does not guarantee its accuracy or completeness, and ISE Holdings accepts no responsibility for any errors or omissions in, or the consequence of relying or acting upon, this information.
