ISE Reports Business Activity For November 2011

ISE is the largest equity options exchange in November with market share of 19.7%, excluding dividend trades.
Dividend trades made up 4.9% of industry volume in November 2011.

The International Securities Exchange (ISE) today reported average daily volume of 2.8 million contracts in November 2011. This represents a decrease of 4.6% compared to November 2010. Total options volume for the month was 59.8 million contracts. ISE was the largest U.S. equity options exchange in November with market share of 19.7%*.

Business highlights for the month of November include:

On November 7, ISE announced it had completed the most the most recent upgrade to its new trading system based on Deutsche Börse Group's Optimise^TM trading architecture. Technology Release 1.6 was the second major enhancement to the system since the completion of its initial rollout in July 2011.

Detailed volume statistics are found in the tables below:

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

	Current Month			Year-to-Date
(000s)	Nov-11	Nov-10	% Change	Nov-11	Nov-10	% Change
ISE Average Daily Volume	2,848.0	2,984.5	-4.6%	3,161.3	2,996.4	5.5%
ISE Total Volume	59,808.2	62,673.8	-4.6%	730,269.0	689,168.8	6.0%

Equity and ETF Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Nov-11	Nov-10	% Change	Nov-11	Nov-10	% Change
ISE Average Daily Volume	2,834.3	2,947.1	-3.8%	3,127.5	2,949.2	6.0%
ISE Total Volume	59,520.3	61,888.4	-3.8%	722,443.8	678,316.8	6.5%
Market Share*	19.7%	20.2%	(0.5) pts	19.2%	21.8%	(2.6) pts

Index Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Nov-11	Nov-10	% Change	Nov-11	Nov-10	% Change
ISE Average Daily Volume	13.4	37.0	-63.8%	33.4	46.0	-27.4%
ISE Total Volume	281.0	776.4	-63.8%	7,720.7	10,589.2	-27.1%

ISE FX Options® Volume Statistics

	Current Month			Year-to-Date
(000s)	Nov-11	Nov-10	% Change	Nov-11	Nov-10	% Change
ISE Average Daily Volume	0.3	0.4	-25.0%	0.5	1.1	-54.5%
ISE Total Volume	7.0	8.9	-21.3%	104.5	262.8	-60.2%

*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**

November 2011 (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
ISE	59,520.3	0.0	59,520.3	19.7%	18.8%	1.0 pts	0.0%
CBOE	58,329.1	106.7	58,435.9	19.3%	18.4%	0.9 pts	0.2%
PHLX	55,547.8	12,347.1	67,894.9	18.4%	21.4%	(3.0) pts	18.2%
AMEX	49,604.8	63.4	49,668.2	16.4%	15.6%	0.8 pts	0.1%
ARCA	36,342.5	3,116.3	39,458.8	12.0%	12.4%	(0.4) pts	7.9%
NSDQ	14,857.4	0.0	14,857.4	4.9%	4.7%	0.2 pts	0.0%
BOX	12,094.4	0.0	12,094.4	4.0%	3.8%	0.2 pts	0.0%
BATS	10,841.8	0.0	10,841.8	3.6%	3.4%	0.2 pts	0.0%
C2	4,724.5	1.0	4,725.5	1.6%	1.5%	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. 2010 YTD data only is only available from June 2010 onwards.