ISE Reports Business Activity For October 2013

ISE and ISE Gemini™ combined represent 18.0% of equity options market share, excluding dividend trades.
ISE reported a combined ADV of 2.8 million contracts.
ISE Gemini ADV increased by 89.8% from September 2013 to October 2013.
Dividend trades made up 1.1% of industry volume in October 2013.

The International Securities Exchange (ISE) today reported a combined average daily volume (ADV) of 2.8 million contracts in October 2013 for its two exchanges, ISE and ISE Gemini. This represents 18.0% of U.S. equity options market share.

Business highlights for the month of October include:

On October 15, ISE announced that trading of multi-legged strategy orders through its Implied Order functionality exceeded 20 million contracts.
On October 23, ISE Gemini surpassed two milestones for the first time by trading over 500,000 contracts in a single day, and also accounting for over 3 percent of equity and ETF options market share.
On October 28, ISE Gemini completed the rollout of 199 additional products, representing the third successful product rollout since launch.
For the month of October, Implied Order functionality accounted for 6.8% of all non-crossing, multi-legged contract volume executed on ISE.

Detailed volume statistics are found in the tables below:

ISE Total Options Volume (Equity, ETF, Index and FX Options - 000s)

	Current Month			Year-to-Date
(000s)	Oct. 2013	Oct. 2012	% Change	Oct. 2013	Oct. 2012	% Change
ISE ADV	2,396.8	2,397.7	0.0%	2,474.0	2,537.6	-2.5%
ISE Total Volume	55,127.4	50,350.7	9.5%	522,022.6	530,357.6	-1.6%

ISE Gemini Options Volume (Equity, ETF, and Index - Total)

	Month-to-Month Comparison
(Total)	Oct. 2013	Sept. 2013	% Change
ISE Gemini ADV	393,950	207,608	89.8%
ISE Gemini Total	9,060,840	4,152,168	118.2%

ISE Equity and ETF Options Volume Statistics (000s)

	Current Month			Year-to-Date
(000s)	Oct. 2013	Oct. 2012	% Change	Oct. 2013	Oct. 2012	% Change
ISE ADV	2,392.2	2,381.5	0.5%	2,454.8	2,515.6	-2.4%
ISE Total Volume	55,020.4	50,010.5	10.0%	517,960.2	525,756.6	-1.5%
Market Share*	15.4%	17.7%	(2.3) pts	16.9%	18.1%	(1.2) pts

ISE Gemini Equity and ETF Options Volume Statistics (Total)

	Month-to-Month Comparison
(Total)	Oct. 2013	Sept. 2013	% Change
ISE Gemini ADV	393,648	207,435	89.8%
ISE Gemini Total	9,053,913	4,148,690	118.2%
Market Share*	2.5%	1.5%	1.0 pts

*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 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	74,151.9	0	74,151.9	20.8%	20.6%	0.2 pts	0.0%
PHLX	55,842.6	3,849.6	59,692.1	15.7%	16.6%	(0.9) pts	6.4%
ISE	55,020.4	0	55,020.4	15.4%	15.3%	0.1 pts	0.0%
AMEX	49,778.5	0	49,778.5	14.0%	13.8%	0.2 pts	0.0%
ARCA	40,413.3	0	40,413.3	11.3%	11.2%	0.1 pts	0.0%
NSDQ	32,279.1	0	32,279.1	9.0%	9.0%	0.0 pts	0.0%
BATS	14,539.1	0	14,539.1	4.1%	4.0%	0.1 pts	0.0%
ISE Gemini	9,053.9	0	9,053.9	2.5%	2.5%	0.0 pts	0.0%
BOX	8,210.7	0	8,210.7	2.3%	2.3%	0.0 pts	0.0%
C2	7,697.1	0	7,697.1	2.2%	2.1%	0.1 pts	0.0%
MIAX	6,505.8	0	6,505.8	1.8%	1.8%	0.0 pts	0.0%
BXOptions	3,387.5	0	3,387.5	1.0%	0.9%	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.