ISE Reports Business Activity For September 2011

Dividend trades made up 3.9% of industry volume in September 2011.
ISE is the second largest equity options exchange in September with market share of 19.7%, excluding dividend trades.

The International Securities Exchange (ISE) today reported average daily volume of 3.3 million contracts in September 2011. This represents an increase of 26.3% compared to September 2010. Total options volume for the month was 68.8 million contracts. ISE was the second-largest U.S. equity options exchange in September with market share of 19.7%*. Business highlights for the month of September include:

On September 9, 2011, ISE announced that Volant Liquidity LLC joined ISE as a Competitive Market Maker (CMM), becoming the first new market maker under ISE's new CMM trading rights program that launched on September 1.
On September 13, 2011, ISE announced that it had introduced several new risk management features to its PrecISE Trade® front-end execution system. With the upgrade, risk managers are now able to set and monitor compliance with risk parameters available in the system.
On September 13, 2011, ISE and BOX announced that they had entered into an agreement to resolve a patent infringement case filed by BOX against ISE in May 2011.
On September 22, 2011, ISE announced that its latest Optimise™ release included an enhancement to its Price Improvement Mechanism (PIM) to accept tied-to-stock orders. The technology release also included several performance upgrades.
On September 22, 2011, ISE announced that it launched the ISE Solid State Drive™ Index (Ticker: BYT) and that UBS listed two exchange-traded notes linked to this new benchmark: ETRACS ISE Solid State Drive Index ETN (Ticker: SSDD) and the ETRACS Monthly 2xLeveraged ISE Solid State Drive Index ETN (Ticker: SSDL).

Detailed volume statistics are found in the tables below:

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

	Current Month			Year-to-Date
(000s)	Sep-11	Sep-10	% Change	Sep-11	Sep-10	% Change
ISE Average Daily Volume	3,277.2	2,594.8	26.3%	3,165.9	3,004.4	5.4%
ISE Total Volume	68,820.6	54,490.5	26.3%	598,359.2	564,827.9	5.9%

Equity and ETF Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Sep-11	Sep-10	% Change	Sep-11	Sep-10	% Change
ISE Average Daily Volume	3,250.5	2,558.7	27.0%	3,128.4	2,954.5	5.9%
ISE Total Volume	68,261.1	53,732.5	27.0%	591,271.9	555,446.7	6.4%
Market Share*	19.7%	21.2%	(1.5) pts	19.0%	22.1%	(3.1) pts

Index Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Sep-11	Sep-10	% Change	Sep-11	Sep-10	% Change
ISE Average Daily Volume	26.0	35.4	-26.6%	37.0	48.6	-23.8%
ISE Total Volume	545.4	743.0	-26.6%	6,996.4	9,135.3	-23.4%

ISE FX Options® Volume Statistics

	Current Month			Year-to-Date
(000s)	Sep-11	Sep-10	% Change	Sep-11	Sep-10	% Change
ISE Average Daily Volume	0.7	0.7	0.0%	0.5	1.3	-61.5%
ISE Total Volume	14.0	15.0	-6.7%	91.0	245.8	-63.0%

*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

September 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
CBOE	69,287.2	174.0	69,461.2	20.0%	19.3%	0.7 pts	0.3%
ISE	68,261.1	0.0	68,261.1	19.7%	19.0%	0.7 pts	0.0%
PHLX	65,396.7	12,250.8	77,647.5	18.9%	21.6%	(2.7) pts	15.8%
AMEX	54,247.4	78.8	54,326.2	15.7%	15.1%	0.6 pts	0.1%
ARCA	40,518.4	1,506.3	42,024.6	11.7%	11.7%	0.0 pts	3.6%
BATS	15,196.8	0.0	15,196.8	4.4%	4.2%	0.2 pts	0.0%
NSDQ	15,045.7	0.0	15,045.7	4.4%	4.2%	0.2 pts	0.0%
BOX	13,054.8	0.0	13,054.8	3.8%	3.6%	0.2 pts	0.0%
C2	4,800.5	0.0	4,800.5	1.4%	1.3%	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.