ISE Reports Business Activity For February 2012

ISE was the second largest equity options exchange in February with market share of 17.8%, excluding dividend trades.
Dividend trades made up 8.0% of industry volume in February 2012.

The International Securities Exchange (ISE) today reported average daily volume of 2.7 million contracts in February 2012. This represents a decrease of 16.6% compared to February 2011. Total options volume for the month was 53.5 million contracts. ISE was the second largest U.S. equity options exchange in February with market share of 17.8%*.

Business highlights for the month of February include:

On February 8, ISE announced that it was named "Best Exchange Client Service" at the Wall Street Letter 2012 Institutional Trading Awards.
On February 13, ISE announced the launch of its Premium Access connection in its primary data center. Premium Access enables member firms with a direct connection to ISE to reduce their roundtrip network latency by up to 150 microseconds, or approximately 90 percent.

Detailed volume statistics are found in the tables below:

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

Current Month

Year-to-Date

(000s)
Feb-12

Feb-11

% Change

Feb-12

Feb-11

% Change

ISE Average Daily Volume
2,676.4

3,208.5

-16.6%

2,683.9

3,259.2

-17.7%

ISE Total Volume
53,527.2

60,962.0

-12.2%

107,357.9

127,109.7

-15.5%

Equity and ETF Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Feb-12	Feb-11	% Change	Feb-12	Feb-11	% Change
ISE Average Daily Volume	2,650.0	3,171.5	-16.4%	2,660.4	3,223.5	-17.5%
ISE Total Volume	53,000.0	60,259.4	-12.0%	106,417.4	125,717.4	-15.4%
Market Share*	17.8%	19.0%	(1.2) pts	18.3%	19.2%	(0.9) pts

Index Options Volume Statistics

Current Month

Year-to-Date

(000s)
Feb-12

Feb-11

% Change

Feb-12

Feb-11

% Change

ISE Average Daily Volume
26.2

36.7

-28.7%

23.3

35.4

-34.3%

ISE Total Volume
523.6

697.2

-24.9%

931.1

1,380.9

-32.6%

ISE FX Options® Volume Statistics

Current Month

Year-to-Date

(000s)
Feb-12

Feb-11

% Change

Feb-12

Feb-11

% Change

ISE Average Daily Volume

0.2

0.3

-33.3%

0.2

0.3

-33.3%

ISE Total Volume
3.6

5.4

-33.3%

9.4

11.4

-17.5%

*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**

February 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	71,667.2	307.8	71,974.9	24.1%	22.3%	1.8 pts	0.4%
ISE	53,000.0	0.0	53,000.0	17.8%	16.4%	1.4 pts	0.0%
PHLX	50,261.5	20,829.5	71,091.0	16.9%	22.0%	(5.1) pts	29.3%
AMEX	47,168.0	270.9	47,439.0	15.9%	14.7%	1.2 pts	0.6%
ARCA	30,163.6	4,594.2	34,757.8	10.2%	10.8%	(0.6) pts	13.2%
NSDQ	17,228.9	0.0	17,228.9	5.8%	5.3%	0.5 pts	0.0%
BOX	13,104.9	0.0	13,104.9	4.4%	4.1%	0.3 pts	0.0%
BATS	9,970.9	0.0	9,970.9	3.4%	3.1%	0.3 pts	0.0%
C2	4,726.0	0.0	4,726.0	1.6%	1.5%	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.