Mondo Visione Worldwide Financial Markets Intelligence

FTSE Mondo Visione Exchanges Index:

ISE Reports Business Activity For August 2012

Date 04/09/2012

  • ISE was the second largest equity options exchange in August with market share of 17.9%, excluding dividend trades.
  • Dividend trades made up 5.1% of industry volume in August 2012.

The International Securities Exchange (ISE) today reported average daily volume of 2.1 million contracts in August 2012. This represents a decrease of 48.2% compared to August 2011, which was a month of exceptionally high volatility. Total options volume for the month was 49.1 million contracts. ISE was the second largest U.S. equity options exchange in August with market share of 17.9%*.

Business highlights for the month of August include:

  • On August 14, 2012, ISE completed the roll out of Implied Order functionality for all products in its complex order book. Implied Orders significantly enhance ISE's industry-leading complex order book by enabling greater interaction of multi-legged orders with the regular order book.

Detailed volume statistics are found in the tables below:

Total Options Volume (Equity, ETF, Index and FX Options)

Current Month

Year-to-Date

(000s)

Aug-12

Aug-11

% Change

Aug-12

Aug-11

% Change

ISE Average Daily Volume

2,135.7

4,123.1

-48.2%

2,539.7

3,152.0

-19.4%

ISE Total Volume

49,120.3

94,831.6

-48.2%

429,213.6

529,538.6

-18.9%


Equity and ETF Options Volume Statistics

Current Month

Year-to-Date

(000s)

Aug-12

Aug-11

% Change

Aug-12

Aug-11

% Change

ISE Average Daily Volume

2,109.7

4,078.6

-48.3%

2,518.7

3,113.2

-19.1%

ISE Total Volume

48,523.9

93,808.5

-48.3%

425,658.6

523,010.7

-18.6%

Market Share*

17.9%

18.9%

(1.0) pts

18.2%

18.9%

(0.7) pts


Index Options Volume Statistics

 

Current Month

Year-to-Date

(000s)

Aug-12

Aug-11

% Change

Aug-12

Aug-11

% Change

ISE Average Daily Volume

25.8

43.9

-41.1%

20.9

38.4

-45.6%

ISE Total Volume

594.4

1,008.9

-41.1%

3,527.6

6,450.9

-45.3%

ISE FX Options® Volume Statistics

 

Current Month

Year-to-Date

(000s)

Aug-12

Aug-11

% Change

Aug-12

Aug-11

% Change

ISE Average Daily Volume

0.1

0.6

-83.3%

0.2

0.5

-60.0%

ISE Total Volume

1.9

14.3

-86.7%

27.4

76.9

-64.4%


*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**

August 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

62,799.8

66.2

62,866.0

23.1%

22.0%

1.1 pts

0.1%

ISE

48,523.9

0.0

48,523.9

17.9%

17.0%

0.9 pts

0.0%

PHLX

46,649.9

12,877.0

59,526.9

17.2%

20.8%

(3.6) pts

21.6%

AMEX

41,109.1

51.4

41,160.5

15.1%

14.4%

0.7 pts

0.1%

ARCA

28,379.7

1,494.8

29,874.5

10.5%

10.4%

0.1 pts

5.0%

NSDQ

15,481.9

0.0

15,481.9

5.7%

5.4%

0.3 pts

0.0%

BOX

12,129.0

0.0

12,129.0

4.5%

4.2%

0.3 pts

0.0%

BATS

11,443.5

0.0

11,443.5

4.2%

4.0%

0.2 pts

0.0%

C2

3,071.3

0.0

3,071.3

1.1%

1.1%

0.0 pts

0.0%

BXOptions

2,023.3

0.0

2,023.3

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 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.