ISE Reports Business Activity For January 2013

ISE was the second largest equity options exchange in January with market share of 18.2%, excluding dividend trades.
Dividend trades made up 3.0% of industry volume in January 2013.

The International Securities Exchange (ISE) today reported average daily volume of 2.8 million contracts in January 2013. This represents an increase of 3.1% compared to January 2012. Total options volume for the month was 58.3 million contracts. ISE was the second largest U.S. equity options exchange in January with market share of 18.2%*.

Business highlights for the month of January include:

On January 30, 2013, ISE announced that its new product development group will now be known as ISE ETF Ventures. The new name reflects the group's evolving focus and expanded capabilities in the ETF business.
For the month of January, Implied Order functionality accounted for 7.0% of all non-crossing, multi-legged contract volume executed on ISE.

Detailed volume statistices are found in the tables below:

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

	Current Month
(000s)	Jan-13	Jan-12	% Change
ISE Average Daily Volume	2,775.1	2,691.5	3.1%
ISE Total Volume	58,276.1	53,830.7	8.3%

Equity Options Volume Statistics (Includes ETF)

	Current Month
(000s)	Jan-13	Jan-12	% Change
ISE Average Daily Volume	2,743.4	2,670.9	2.7%
ISE Total Volume	57,612.1	53,417.5	7.9%
Market Share	18.2%	18.7%	(0.5 pts)

Index Options Volume Statistics (Excludes FX)

	Current Month
(000s)	Jan-13	Jan-12	% Change
ISE Average Daily Volume	31.4	20.4	54.3%
ISE Total Volume	660.3	407.5	62.0%

FX Volume Statistics

	Current Month
(000s)	Jan-13	Jan-12	% Change
ISE Average Daily Volume	0.2	0.3	-33.3%
ISE Total Volume	3.6	5.7	-36.8%

*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 visitwww.ise.com/dividendtrades.

Dividend Trade Impact on Industry Market Share**

January 2013 (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
PHLX	60,656.1	9,779.9	70,435.9	19.1%	21.5%	(2.4) pts	13.9%
ISE	57,612.1	0.0	57,612.1	18.2%	17.6%	0.6 pts	0.0%
AMEX	53,078.7	0.0	53,078.7	16.7%	16.2%	0.5 pts	0.0%
CBOE	48,811.9	0.0	48,811.9	15.4%	14.9%	0.5 pts	0.0%
ARCA	43,183.7	0.0	43,183.7	13.6%	13.2%	0.4 pts	0.0%
NSDQ	22,518.1	0.0	22,518.1	7.1%	6.9%	0.2 pts	0.0%
BATS	13,846.8	0.0	13,846.8	4.4%	4.2%	0.2 pts	0.0%
BOX	9,175.2	0.0	9,175.2	2.9%	2.8%	0.2 pts	0.0%
C2	5,168.5	0.0	5,168.5	1.6%	1.6%	0.0 pts	0.0%
BXOptions	3,238.5	0.0	3,238.5	1.0%	1.0%	0.0 pts	0.0%
MIAX	196.1	0.0	196.1	0.1%	0.1%	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.