- ISE was the second largest equity options exchange in July with market share of 17.8%, excluding dividend trades.
- Dividend trades made up 5.2% of industry volume in July 2012.
The International Securities Exchange (ISE) today reported average daily volume of 2.3 million contracts in July 2012. This represents a decrease of 20.0% compared to July 2011. Total options volume for the month was 48.1 million contracts. ISE was the second largest U.S. equity options exchange in July with market share of 17.8%*. Business highlights for the month of July include:
- On July 2, 2012, ISE announced that it has filed a Form 1 application for a second exchange license with the Securities and Exchange Commission. ISE plans to launch its second options exchange platform by the end of 2012, pending SEC approval.
- On July 27, 2012, ISE announced that that it has introduced a new order type, the Add Liquidity Only Order (ALO). An ALO specifies that the order can only be executed if it adds liquidity to the order book as a "maker." If the order cannot be added to the book, it will be cancelled, or may be re-priced to rest on the book at the discretion of the firm entering the order.
Detailed volume statistics are found in the tables below:
Total Options Volume (Equity, ETF, Index and FX Options)
| |
Current Month
|
Year-to-Date
|
| (000s) |
Jul-12
|
Jul-11
|
% Change
|
Jul-12
|
Jul-11
|
% Change
|
| ISE Average Daily Volume |
2,291.9
|
2,866.3
|
-20.0%
|
2,603.4
|
2,998.0
|
-13.2%
|
| ISE Total Volume |
48,130.9
|
57,326.3
|
-16.0%
|
380,093.3
|
434,707.0
|
-12.6%
|
|
|
|
|
Equity and ETF Options Volume Statistics
| |
Current Month
|
Year-to-Date
|
| (000s) |
Jul-12
|
Jul-11
|
% Change
|
Jul-12
|
Jul-11
|
% Change
|
| ISE Average Daily Volume |
2,268.9
|
2,827.3
|
-19.8%
|
2,583.1
|
2,960.0
|
-12.7%
|
| ISE Total Volume |
47,647.1
|
56,545.1
|
-15.7%
|
377,134.7
|
429,202.3
|
-12.1%
|
| Market Share* |
17.8%
|
18.4%
|
(0.6)
|
18.2%
|
18.9%
|
(0.7)
|
|
|
|
|
|
Index Options Volume Statistics
| |
Current Month
|
Year-to-Date
|
| (000s) |
Jul-12
|
Jul-11
|
% Change
|
Jul-12
|
Jul-11
|
% Change
|
| ISE Average Daily Volume |
22.9
|
38.6
|
-40.7%
|
20.1
|
37.5
|
-46.4%
|
| ISE Total Volume |
481.4
|
771.0
|
-37.6%
|
2,933.1
|
5,442.1
|
-46.1%
|
|
|
|
|
ISE FX Options® Volume Statistics
| |
Current Month
|
Year-to-Date
|
|
(000s)
|
Jul-12
|
Jul-11
|
% Change
|
Jul-12
|
Jul-11
|
% Change
|
| ISE Average Daily Volume |
0.1
|
0.5
|
-80.0%
|
0.2
|
0.4
|
-50.0%
|
| ISE Total Volume |
2.5
|
10.1
|
-75.2%
|
25.5
|
62.6
|
-59.3%
|
|
|
|
|
|
*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**
July 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 |
60,673.3
|
212.2
|
60,885.5
|
22.6%
|
21.5%
|
1.1 pts
|
0.3%
|
| ISE |
47,647.1
|
0.0
|
47,647.1
|
17.8%
|
16.9%
|
0.9 pts
|
0.0%
|
| PHLX |
45,935.5
|
11,958.0
|
57,893.5
|
17.1%
|
20.5%
|
(3.4) pts
|
20.7%
|
| AMEX |
40,489.0
|
0.0
|
40,489.0
|
15.1%
|
14.3%
|
0.8 pts
|
0.0%
|
| ARCA |
30,273.5
|
2,462.2
|
32,735.7
|
11.3%
|
11.6%
|
(0.3) pts
|
7.5%
|
| NSDQ |
14,141.3
|
0.0
|
14,141.3
|
5.3%
|
5.0%
|
0.3 pts
|
0.0%
|
| BOX |
12,469.3
|
0.0
|
12,469.3
|
4.7%
|
4.4%
|
0.3 pts
|
0.0%
|
| BATS |
11,105.7
|
0.0
|
11,105.7
|
4.1%
|
3.9%
|
0.2 pts
|
0.0%
|
| C2 |
3,758.9
|
0
|
3,758.9
|
1.4%
|
1.3%
|
0.1 pts
|
0.0%
|
| BXOptions |
1,521.3
|
0
|
1,521.3
|
0.6%
|
0.5%
|
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.
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