- ISE was the second largest equity options exchange in May with market share of 18.3%, excluding dividend trades.
- Dividend trades made up 3.8% of industry volume in May 2012.
The International Securities Exchange (ISE) today reported average daily volume of 2.8 million contracts in May 2012. This represents a decrease of 3.1% compared to May 2011. Total options volume for the month was 61.5 million contracts. ISE was the second largest U.S. equity options exchange in May with market share of 18.3%*.
Business highlights for the month of May include:
- On May 3, 2012, ISE introduced Implied Order functionality. Implied Orders significantly enhance the execution of multi-legged strategy orders by enabling greater interaction of the complex order book with the regular order book.
- On May 7, 2012, the U.S. Court of Appeals for the Federal Circuit unanimously ruled in ISE's favor in the exchange's patent infringement case about the Chicago Board Options Exchange (CBOE).
- On May 11, 2012, Sylvain Mirochnikoff, Managing Director of the Institutional Equity Division for Morgan Stanley, was elected to ISE's Board of Directors as an industry director representing ISE's Primary Market Makers (PMMs).
- On May 15, 2012, ISE announced a partnership with AlphaClone LLC to promote AlphaClone's innovative hedge fund position replication index, the AlphaClone Hedge Fund Long/Short Index. The first ETF based on this index, the AlphaClone Alternative Alpha ETF (NYSE: ALFA), began trading on May 31, 2012.
- On May 17, 2012, ISE expanded its offering of weekly options to its ISE FX Options® product portfolio with the listing of a weekly expiration for the euro/U.S. dollar option (ticker: EUU).
- On May 31, 2012, ISE announced that order management functionality is now available in PrecISE Trade®, including the ability to route orders to other PrecISE users for execution and to stage larger orders and divide them into smaller orders through a "parent/child" feature.
Detailed volume statistics are found in the tables below:
Total Options Volume (Equity, ETF, Index and FX Options)
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Equity and ETF Options Volume Statistics
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Index Options Volume Statistics
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ISE FX Options® Volume Statistics
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*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**
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**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.