ISE Reports Business Activity For June 2012

ISE was the second largest equity options exchange in June with market share of 18.1%, excluding dividend trades.
Dividend trades made up 3.8% of industry volume in June 2012.

The International Securities Exchange (ISE) today reported average daily volume of 2.5 million contracts in June 2012. This represents a decrease of 10.2% compared to June 2011. Total options volume for the month was 52.2 million contracts. ISE was the second largest U.S. equity options exchange in June with market share of 18.1%*.

Business highlights for the month of June include:

On June 29, 2012, ISE 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.

Detailed volume statistics are found in the tables below:

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

	Current Month			Year-to-Date
(000s)	Jun-12	Jun-11	% Change	Jun-12	Jun-11	% Change
ISE Average Daily Volume	2,484.0	2,766.3	-10.2%	2,655.7	3,019.0	-12.0%
ISE Total Volume	52,164.6	60,859.3	-14.3%	331,962.4	377,380.7	-12.0%

Equity and ETF Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Jun-12	Jun-11	% Change	Jun-12	Jun-11	% Change
ISE Average Daily Volume	2,464.9	2,725.6	-9.6%	2,635.9	2,981.3	-11.6%
ISE Total Volume	51,763.3	59,963.3	-13.7%	329,487.6	372,657.1	-11.6%
Market Share*	18.1%	18.4%	(0.3) pts	18.3%	19.0%	(0.7) pts

Index Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Jun-12	Jun-11	% Change	Jun-12	Jun-11	% Change
ISE Average Daily Volume	18.9	40.3	-53.1%	19.6	37.4	-47.5%
ISE Total Volume	396.6	885.7	-55.2%	2,451.7	4,671.1	-47.5%

ISE FX Options® Volume Statistics

	Current Month			Year-to-Date
(000s)	Jun-12	Jun-11	% Change	Jun-12	Jun-11	% Change
ISE Average Daily Volume	0.2	0.5	-60.0%	0.2	0.4	-50.0%
ISE Total Volume	4.7	10.3	-54.4%	23.0	52.5	-56.2%

*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**

June 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	66,131.9	191.1	66,323.0	23.1%	22.3%	0.8 pts	0.3%
ISE	51,762.8	0.0	51,762.8	18.1%	17.4%	0.7 pts	0.0%
PHLX	50,645.9	8,902.2	59,548.1	17.7%	20.0%	(2.3) pts	14.9%
AMEX	45,240.7	0.0	45,240.7	15.8%	15.2%	0.6 pts	0.0%
ARCA	28,778.2	2,081.9	30,860.1	10.0%	10.4%	(0.4) pts	6.7%
NSDQ	14,851.9	0.0	14,851.9	5.2%	5.0%	0.2 pts	0.0%
BOX	13,635.7	0.0	13,635.7	4.8%	4.6%	0.2 pts	0.0%
BATS	11,555.3	0.0	11,555.3	4.0%	3.9%	0.1 pt	0.0%
C2	4,055.8	0.0	4,055.8	1.4%	1.4%	0.0 pt	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.