ISE Reports Business Activity for September 2012

ISE was the second largest equity options exchange in September with market share of 18.2%, excluding dividend trades.
Dividend trades made up 8.8% of industry volume in September 2012.

The International Securities Exchange (ISE) today reported average daily volume of 2.7 million contracts in September 2012. This represents a decrease of 18.4% compared to September 2011. Total options volume for the month was 50.8 million contracts. ISE was the second largest U.S. equity options exchange in September with market share of 18.2%*.

Business highlights for the month of September include:

On September 7, 2012, ISE introduced $0.50 strike price intervals in weekly options, offering an expanded range of strike prices and potentially a lower cost of entry to investors who are using weekly options to carry out their trading and hedging strategies.
On September 10, 2012, ISE announced the launch of the first mutual fund based on an ISE index, the Virtus Wealth Masters Fund (Tickers: VWMAX, VWMCX, VWMIX). The fund tracks the Horizon Kinetics ISE Wealth Index, jointly developed by ISE and Horizon Kinetics LLC.
On September 20, 2012, ISE partnered with MEB Options to introduce Spread Crawler^TM,a new tool that provides powerful insight through Instant Messaging (IM) into the entire universe of real-time actionable spread orders. This unique product aggregates streaming spread book data from all options exchanges and transmits individual, user-defined spread orders to subscribers via IM.

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-12	Sep-11	% Change	Sep-12	Sep-11	% Change
ISE Average Daily Volume	2,673.3	3,277.2	-18.4%	2,553.2	3,165.9	-19.4%
ISE Total Volume	50,793.3	68,820.6	-26.2%	480,006.9	598,359.2	-19.8%

Equity Options Volume Statistics (Includes ETF)

	Current Month			Year-to-Date
(000s)	Sep-12	Sep-11	% Change	Sep-12	Sep-11	% Change
ISE Average Daily Volume	2,636.2	3,250.5	-18.9%	2,530.6	3,128.4	-19.1%
ISE Total Volume	50,087.5	68,261.1	-26.6%	475,746.1	591,271.9	-19.5%
Market Share*	18.2%	19.7%	(1.5) pts	18.2%	19.0%	(0.8) pts

Index Options Volume Statistics (Excludes FX)

	Current Month			Year-to-Date
(000s)	Sep-12	Sep-11	% Change	Sep-12	Sep-11	% Change
ISE Average Daily Volume	37.0	26.0	42.4%	22.5	37.0	-39.2%
ISE Total Volume	702.6	545.4	28.8%	4,230.2	6,996.4	-39.5%

FX Volume Statistics

	Current Month			Year-to-Date
(000s)	Sep-12	Sep-11	% Change	Sep-12	Sep-11	% Change
ISE Average Daily Volume	0.2	0.7	-71.4%	0.2	0.5	-60.0%
ISE Total Volume	3.2	14.0	-77.1%	30.6	91.0	-66.4%

*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**

September 2012 (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	60,013.5	540.5	60,554.0	21.8%	20.1%	1.7 pts	0.9%
ISE	50,087.4	0.0	50,087.5	18.2%	16.6%	1.6 pts	0.0%
PHLX	46,776.4	22,442.7	69,219.1	17.0%	23.0%	(6.0) pts	32.4%
AMEX	43,373.5	645.5	44,019.0	15.8%	14.6%	1.2 pts	1.5%
ARCA	31,283.0	3,016.2	34,299.2	11.4%	11.4%	0.0 pts	8.8%
NSDQ	15,210.7	0.0	15,210.7	5.5%	5.1%	0.4 pts	0.0%
BATS	11,629.5	0.0	11,629.5	4.2%	3.9%	0.3 pts	0.0%
BOX	10,859.5	0.0	10,859.5	4.0%	3.6%	0.4 pts	0.0%
C2	3,411.8	0.0	3,411.8	1.2%	1.1%	0.1 pts	0.0%
BXOptions	2,111.8	0.0	2,111.8	0.8%	0.7%	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.

FTSE Mondo Visione Exchanges Index:

ISE Reports Business Activity For September 2012