ISE Reports Business Activity For July 2013

ISE was the second largest equity options exchange in July with a market share of 16.6%, excluding dividend trades.
Dividend trades made up 1.0% of industry volume in July 2013.
For the month of July, Implied Order functionality accounted for 7.4% of all non-crossing, multi-legged contract volume executed on ISE.

The International Securities Exchange (ISE) today reported an average daily volume of 2.2 million contracts in July 2013. This represents a decrease of 3.5% compared to July 2012. Total options volume for the month was 48.7 million contracts. ISE was the second largest U.S. equity options exchange in July with a market share of 16.6%*.

Business highlights for the month of July include:

On July 22, ISE ETF Ventures and SecuredGrowth Quantitative Research announced their partnership agreement to develop and promote indexes that combine the performance of popular Exchange-Traded Products (ETPs) with the proprietary SecuredGrowth™ process.
On July 29, ISE announced that the SEC has approved its Form 1 application for ISE GeminiTM, ISE's second options exchange that will complement its existing market. ISE Gemini is set to launch on August 5, 2013.

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-13	Jul-12	% Change	Jul-13	Jul-12	% Change
ISE Average Daily Volume	2,211.9	2,291.9	3.5%	2,590.0	2,603.4	-0.5%
ISE Total Volume	48,662.4	48,130.9	1.1%	378,134.4	380,093.3	-0.5%

Equity Options Volume Statistics (Includes ETF)

	Current Month			Year-to-Date
(000s)	Jul-13	Jul-12	% Change	Jul-13	Jul-12	% Change
ISE Average Daily Volume	2,206.5	2,268.9	-2.8%	2,564.4	2,583.1	-0.7%
ISE Total Volume	48,542.7	47,647.1	1.9%	374,402.3	377,134.7	-0.7%
Market Share*	16.0%	17.8%	(1.2) pts	17.4%	18.2%	(0.8) pts

Index Options Volume Statistics (Includes FX)

	Current Month			Year-to-Date
(000s)	Jul-13	Jul-12	% Change	Jul-13	Jul-12	% Change
ISE Average Daily Volume	4.8	22.9	-79.2%	25.1	20.1	25.1%
ISE Total Volume	105.1	481.4	-78.2%	3,670.3	2,933.1	25.1%

FX Volume Statistics

	Current Month			Year-to-Date
(000s)	Jul-13	Jul-12	% Change	Jul-13	Jul-12	% Change
ISE Average Daily Volume	0.7	0.1	600.0%	0.4	0.2	100.0%
ISE Total Volume	14.7	2.5	488.0%	61.9	25.5	142.7%

*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**

May 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
CBOE	60,593.5	0.0	60,593.5	20.7%	20.5%	0.2 pts	0.0%
ISE	48,542.7	0.0	48,542.7	16.6%	16.5%	0.1 pts	0.0%
PHLX	44,336.1	2,906.5	47,242.6	15.2%	16.0%	(0.8) pts	6.2%
AMEX	42,712.0	0.0	42,712.0	14.6%	14.5%	0.1 pts	0.0%
ARCA	35,641.6	0.0	35,641.6	12.2%	12.1%	0.1 pts	0.0%
NSDQ	26,584.4	0.0	26,584.4	9.1%	9.0%	0.1 pts	0.0%
BATS	13,977.4	0.0	13,977.4	4.8%	4.7%	0.1 pts	0.0%
BOX	6,942.5	0.0	6,942.5	2.4%	2.4%	0.0 pts	0.0%
C2	5,721.5	0.0	5,721.5	2.0%	1.9%	0.1 pts	0.0%
MIAX	4,045.3	0.0	4,045.3	1.4%	1.4%	0.0 pts	0.0%
BXOptions	3,055.9	0.0	3,055.9	1.1%	1.0%	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.