ISE Reports It Is The Largest Equity Options Exchange In February 2013

ISE was the largest equity options exchange in February with market share of 18.1%, excluding dividend trades.
Dividend trades made up 4.4% of industry volume in February 2013.

The International Securities Exchange (ISE) today reported average daily volume of 2.7 million contracts in February 2013. This represents an increase of 1.3% compared to February 2012. Total options volume for the month was 51.5 million contracts. ISE was the largest U.S. equity options exchange in February with market share of 18.1%*.

Business highlights for the month of February include:

On February 6, ISE and IndexIQ announced their partnership agreement to support and promote new exchange traded products (ETPs) focusing on physical commodities.
On February 15, ISE announced that it received the "Most Innovative Exchange Technology - Options" award at the Wall Street Letter 2013 Institutional Trading Awards.
On February 21, ISE announced that Hauke Stars, Chief Information Officer of Deutsche Börse AG, was elected to ISE's Board of Directors.
For the month of February, Implied Order functionality accounted for 7.3% of all non-crossing, multi-legged contract volume executed on ISE.

Detailed volume statistics are found in the tables below:

Equity and Index Options Volume Statistics



Current Month			Year-to-Date
(000s)	Feb-13	Feb-12	% Change	Feb-13	Feb-12	% Change
ISE Average Daily Volume	2,710.2	2,676.4	1.3%	2,744.3	2,683.9	2.2%
ISE Total Volume	51,494.0	53,527.2	-3.8%	109,770.0	107,357.9	2.2%

Equity Options Volume Statistics (Includes ETF)



Current Month			Year-to-Date
(000s)	Feb-13	Feb-12	% Change	Feb-13	Feb-12	% Change
ISE Average Daily Volume	2,670.1	2,650.0	0.8%	2,708.6	2,660.4	1.8%
ISE Total Volume	50,731.9	53,000.0	-4.3%	108,344.0	106,417.4	1.8%
Market Share*	18.1%	17.8%	0.3 pts	18.1%	18.2%	(0.1) pts

Index Options Volume Statistics (Excludes FX)

	Current Month			Year-to-Date
(000s)	Feb-13	Feb-12	% Change	Feb-13	Feb-12	% Change
ISE Average Daily Volume	39.9	26.2	52.3%	35.4	23.3	52.3%
ISE Total Volume	757.6	523.6	44.7%	1,417.9	931.1	52.3%

FX Volume Statistics

	Current Month			Year-to-Date
(000s)	Feb-13	Feb-12	% Change	Feb-13	Feb-12	% Change
ISE Average Daily Volume	0.2	0.2	0.0%	0.2	0.2	0.0%
ISE Total Volume	4.5	3.6	25.0%	8.1	9.4	-13.8%

*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**

February 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
ISE	50,731.9	0.0	50,731.9	18.1%	17.3%	0.8	0.0%
CBOE	48,226.8	0.0	48,226.8	17.2%	16.5%	0.7	0.0%
PHLX	47,710.1	12,742.5	60,452.6	17.1%	20.7%	(3.6)	21.1%
AMEX	43,100.2	0.0	43,100.2	15.4%	14.7%	0.7	0.0%
ARCA	39,474.0	0.0	39,474.0	14.1%	13.5%	0.6	0.0%
NSDQ	22,707.3	0.0	22,707.3	8.1%	7.8%	0.3	0.0%
BATS	12,585.0	0.0	12,585.0	4.5%	4.3%	0.2	0.0%
BOX	6,936.6	0.0	6,936.6	2.5%	2.4%	0.1	0.0%
C2	4,946.6	0.0	4,946.6	1.8%	1.7%	0.1	0.0%
BXOptions	2,926.6	0.0	2,926.6	1.1%	1.0%	0.1	0.0%
MIAX	485.1	0.0	485.1	0.2%	0.2%	0.0	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.