ISE Reports Business Activity For January 2012

ISE is the second largest equity options exchange in January with market share of 18.7%, excluding dividend trades.
Dividend trades made up 8.8% of industry volume in January 2012.

The International Securities Exchange (ISE) today reported average daily volume of 2.7 million contracts in January 2012. This represents a decrease of 18.6% compared to January 2011. Total options volume for the month was 53.8 million contracts. ISE was the second largest U.S. equity options exchange in January with market share of 18.7%*.

Detailed volume statistics are found in the tables below:

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

	Current Month
(000s)	Jan-12	Jan-11	% Change
ISE Average Daily Volume	2,691.5	3,307.4	-18.6%
ISE Total Volume	53,830.7	66,147.7	-18.6%

Equity and ETF Options Volume Statistics

	Current Month
(000s)	Jan-12	Jan-11	% Change
ISE Average Daily Volume	2,670.9	3,272.9	-18.4%
ISE Total Volume	53,417.5	65,457.9	-18.4%
Market Share*	18.7%	19.5%	(0.8) pts

Index Options Volume Statistics


Current Month
(000s)	Jan-12	Jan-11	% Change
ISE Average Daily Volume	20.4	34.2	-40.4%
ISE Total Volume	407.5	683.7	-40.4%

ISE FX Options® Volume Statistics

	Current Month
(000s)	Jan-12	Jan-11	% Change
ISE Average Daily Volume	0.3	0.3	0.0%
ISE Total Volume	5.7	6.0	-5.0%

*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**

January 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	64,951.8	476.8	65,428.7	22.7%	20.9%	1.8 pts	0.7%
ISE	53,417.5	0.0	53,417.5	18.7%	17.1%	1.6 pts	0.0%
PHLX	49,211.4	20,698.5	69,909.9	17.2%	22.3%	(5.1) pts	29.6%
AMEX	44,968.7	243.5	45,212.2	15.7%	14.4%	1.3 pts	0.5%
ARCA	31,962.9	6,250.2	38,213.2	11.2%	12.2%	(1.0) pts	16.4%
NSDQ	15,502.8	0.0	15,502.8	5.4%	5.0%	0.4 pts	0.0%
BOX	11,814.5	0.0	11,814.5	4.1%	3.8%	0.3 pts	0.0%
BATS	9,921.2	0.0	9,921.2	3.5%	3.2%	0.3 pts	0.0%
C2	3,942.2	1.0	3,943.2	1.4%	1.3%	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. 2010 YTD data only is only available from June 2010 onwards.