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ISE was the third largest equity options exchange in October with market share of 17.7%, excluding dividend trades. Dividend trades made up 5.0% of industry volume in October 2012.
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The International Securities Exchange (ISE) today reported average daily volume of 2.4 million contracts in October 2012. This represents a decrease of 30.2% compared to October 2011. Total options volume for the month was 50.4 million contracts. ISE was the third largest U.S. equity options exchange in October with market share of 17.7%*.
Business highlights for the month of October include:
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On October 3, ISE announced the implementation of its electronic "Kill Switch" functionality in PrecISE Trade®, ISE's innovative, front-end execution management system. The Kill Switch has already been available for exchange members that are connected to ISE via a Direct Trading Interface (DTI) or FIX connection.
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On October 8, ISE announced the launch of two new indexes in collaboration with Horizon Kinetics: the Horizon Kinetics ISE Asia ex-Japan Wealth IndexTM (Ticker: WEALTHAX), which tracks publicly-held companies that are managed by some of the wealthiest individuals in Asian countries excluding Japan; and the Horizon Kinetics ISE Global Wealth IndexTM (Ticker: WEALTHGL), which tracks the performance of publicly-held companies that are managed by some of the wealthiest individuals in the world.
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On October 24, ISE announced the expansion of its stock execution capabilities to Deutsche Bank, Getco, Instinet LLC and Knight for multi-legged strategy orders that include a stock component, in addition to ISE's existing routing capabilities to ConvergEX.
Detailed Volume statistics are found in the tables below:
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Total Options Volume (Equity, ETF, Index and FX Options
| |
Current Month |
Year-to-Date |
| (000s) |
Oct-12
|
Oct-11
|
% Change
|
Oct-12
|
Oct-11
|
% Change
|
| ISE Average Daily Volume |
2,397.7
|
3,433.4
|
-30.2%
|
2,537.6
|
3,192.7
|
-20.5%
|
| ISE Total Volume |
50,350.7
|
72,101.6
|
-30.2%
|
530,357.6
|
670,460.8
|
-20.9%
|
|
Equity and ETF Options Volume Statistics
| |
Current Month |
Year-to-Date |
|
(000s)
|
Oct-12
|
Oct-11
|
% Change
|
Oct-12
|
Oct-11
|
% Change
|
| ISE Average Daily Volume |
2,381.5
|
3,412.0
|
-30.2%
|
2,515.6
|
3,156.8
|
-20.3%
|
| ISE Total Volume |
50,010.5
|
71,651.7
|
-30.2%
|
525,756.6
|
662,923.5
|
-20.7%
|
| Market Share* |
17.7%
|
20.1%
|
(2.4) pts
|
18.1%
|
19.1%
|
(1.0) pts
|
|
Index Options Volume Statistics
| |
Current Month |
Year-to-Date |
| (000s) |
Oct-12
|
Oct-11
|
% Change
|
Oct-12
|
Oct-11
|
% Change
|
| ISE Average Daily Volume |
16.1
|
21.1
|
-23.5%
|
21.9
|
35.4
|
-38.3%
|
| ISE Total Volume |
339.0
|
443.3
|
-23.5%
|
4,569.1
|
7,439.7
|
-38.6%
|
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ISE FX Options® Volume Statistics
| |
Current Month |
Year-to-Date |
| (000s) |
Oct-12
|
Oct-11
|
% Change
|
Oct-12
|
Oct-11
|
% Change
|
| ISE Average Daily Volume |
0.1
|
0.3
|
-66.7%
|
0.2
|
0.5
|
-60.0%
|
| ISE Total Volume |
1.3
|
6.6
|
-80.3%
|
31.9
|
97.5
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-67.3% |
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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**
|
October 2012
(000s)
|
Equity Options Volume Excluding Dividend Trades
|
Dividend Trade Volume
|
Total Reported Equity Options Volume
|
True Market Share
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Market Share With Dividend Trades
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Market Share Difference
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Dividend Trades as % of Equity Options Volume
|
| CBOE |
54,047.6
|
183.8
|
54,231.3
|
19.1%
|
18.2%
|
0.9 pts
|
0.3%
|
| AMEX |
50,705.8
|
1,731.9
|
52,437.7
|
17.9%
|
17.6%
|
0.3 pts
|
3.3%
|
| ISE |
50,010.5
|
0.0
|
50,010.5
|
17.7%
|
16.8%
|
0.9 pts
|
0.0% |
| PHLX |
48,105.9
|
12,242.7
|
60,348.7
|
17.0%
|
20.3%
|
(3.3) pts
|
20.3% |
| ARCA |
31,763.3
|
616.1
|
32,379.4
|
11.2%
|
10.9%
|
0.2 pts
|
1.9% |
| NSDQ |
19,586.0
|
0.0
|
19,586.0
|
6.9%
|
6.6%
|
0.3 pts
|
0.0% |
| BATS |
11,529.9
|
0.0
|
11,529.9
|
4.1%
|
3.9%
|
0.2 pts
|
0.0% |
| BOX |
10,786.4
|
0.0
|
10,786.4
|
3.8%
|
3.6%
|
0.2 pts
|
0.0% |
| C2 |
4,142.8
|
0.0
|
4,142.8
|
1.5%
|
1.4%
|
0.1 pts
|
0.0% |
| BXOptions |
2,538.9
|
0.0
|
2,538.9
|
0.9%
|
0.9%
|
0.0 pts
|
0.0% |
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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.
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