- ISE was the second largest equity options exchange in April with market share of 18.3%, excluding dividend trades.
- Dividend trades made up 4.5% of industry volume in April 2012.
The International Securities Exchange (ISE) today reported average daily volume of 2.6 million contracts in April 2012. This represents a decrease of 10.7% compared to April 2011. Total options volume for the month was 52.0 million contracts. ISE was the second largest U.S. equity options exchange in April with market share of 18.3%*.
Business highlights for the month of April include:
· On April 26, 2012, ISE was named "Most Proactive Exchange for ETF Options/Derivatives" at the 8th Annual Global ETF Awards® Dinner and Workshop. Hosted by exchangetradedfunds.com, the Global ETF Awards are awarded to ETF industry participants for outstanding achievements in 2011 and recipients are selected by ETF industry professionals representing over 520 organizations worldwide.
· On April 30, 2012, ISE announced the launch of the ISE Premium Hosted Database™ (ISE PhD™). ISE PhD™ is a fully managed historical tick database that offers full OPRA data including all quotes and trades from all exchanges, U.S. equities level one data, pre-computed implied volatilities and Greeks, full corporate action histories, and ISE Open/Close trade data.
Detailed volume statistics are found in the tables below:
Total Options Volume (Equity, ETF, Index and FX Options)
Current Month
|
Year-to-Date
|
(000s) |
Apr-12
|
Apr-11
|
% Change
|
Apr-12
|
Apr-11
|
% Change
|
ISE Average Daily Volume |
2,600.6
|
2,913.5
|
-10.7%
|
2,662.3
|
3,121.0
|
-14.7%
|
ISE Total Volume |
52,011.4
|
58,270.4
|
-10.7%
|
218,305.4
|
255,921.9
|
-14.7%
|
|
Equity and ETF Options Volume Statistics
Current Month
|
Year-to-Date
|
(000s) |
Apr-12
|
Apr-11
|
% Change
|
Apr-12
|
Apr-11
|
% Change
|
ISE Average Daily Volume |
2,584.5
|
2,876.8
|
-10.2%
|
2,642.1
|
3,083.8
|
-14.3%
|
ISE Total Volume |
51,689.8
|
57,536.2
|
-10.2%
|
216,651.5
|
252,869.5
|
-14.3%
|
Market Share* |
18.3%
|
19.2%
|
(0.9) pts
|
18.3%
|
19.1%
|
(0.8) pts
|
|
Index Options Volume Statistics
Current Month
|
Year-to-Date
|
(000s) |
Apr-12
|
Apr-11
|
% Change
|
Apr-12
|
Apr-11
|
% Change
|
ISE Average Daily Volume |
16.0
|
36.3
|
-55.9%
|
20.0
|
36.8
|
-45.7%
|
ISE Total Volume |
319.8
|
725.4
|
-55.9%
|
1,638.5
|
3,019.9
|
-45.7%
|
|
ISE FX Options® Volume Statistics
Current Month
|
Year-to-Date
|
(000s) |
Apr-12
|
Apr-11
|
% Change
|
Apr-12
|
Apr-11
|
% Change
|
ISE Average Daily Volume |
0.1
|
0.4
|
-75.0%
|
0.2
|
0.4
|
-50.0%
|
ISE Total Volume |
1.7
|
8.8
|
-80.7%
|
15.4
|
32.5
|
-52.6%
|
|
*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**
April 2012 (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 |
63,633.3 |
289.0 |
63,922.3 |
22.5% |
21.6% |
0.9 pts
|
0.5% |
ISE |
51,689.8 |
0.0 |
51,689.8 |
18.3% |
17.5% |
0.8 pts
|
0.0%
|
PHLX |
48,179.6 |
9,066.7 |
57,246.3 |
17.1% |
19.4% |
(2.3) pts
|
15.8% |
AMEX |
46,591.6 |
120.9 |
46,712.5 |
16.5% |
15.8% |
0.7 pts
|
0.3% |
ARCA |
27,636.2 |
3,701.8 |
31,338.0 |
9.8% |
10.6% |
(0.8) pts
|
11.8% |
NSDQ |
18,055.7 |
0.0 |
18,055.7 |
6.4% |
6.1% |
0.3 pts
|
0.0% |
BOX |
12,362.9 |
0.0 |
12,362.9 |
4.4% |
4.2% |
0.2 pts
|
0.0% |
BATS |
10,024.6 |
0.0 |
10,024.6 |
3.6% |
3.4% |
0.2 pts
|
0.0% |
C2 |
4,081.8 |
0.0 |
4,081.8 |
1.5% |
1.4% |
0.1 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.