The International Securities Exchange (NYSE:ISE) today reported that average daily trading volume for equity and index options contracts for April 2007 increased 14.7% to 2.7 million contracts as compared to 2.4 million contracts during the same period in 2006. Total equity and index options volume for the month increased 20.8% to 54.6 million contracts from 45.2 million contracts in the same year-ago period.
On a year-to-date basis, average daily trading volume of equity and index options increased 15.9% to 2.8 million contracts traded as compared to 2.4 million contracts traded in the prior year. Total year-to-date equity and index volume through April 2007 increased 15.9% to 223.8 million contracts from 193.0 million contracts in the same period last year.
Equity and Index Options Volume Statistics
Current Month Year-to-Date
(000s) Apr-07 Apr-06 % Change Apr-07 Apr-06 % Change
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ISE
Average
Daily
Volume 2,729.7 2,379.5 14.7% 2,762.8 2,383.0 15.9%
ISE Total
Volume 54,593.9 45,210.7 20.8% 223,788.3 193,025.8 15.9%
Industry
Average
Daily
Volume 9,844.2 7,991.7 23.2% 9,954.4 7,866.5 26.5%
Market
Share 27.7% 29.8% (2.1) pts 27.8% 30.3% (2.5) pts
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Market
Share:
Customer 29.2% 30.7% (1.5) pts 29.3% 31.8% (2.5) pts
Market
Share:
Firm 25.7% 26.2% (0.5) pts 24.0% 25.2% (1.2) pts
Market
Share:
Market
Maker 27.1% 30.0% (2.9) pts 27.7% 30.5% (2.8) pts
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Equity Options Volume Statistics
Current Month Year-to-Date
(000s) Apr-07 Apr-06 % Change Apr-07 Apr-06 % Change
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ISE
Average
Daily
Volume 2,692.1 2,354.2 14.3% 2,719.4 2,355.9 15.4%
ISE Total
Volume 53,841.7 44,730.7 20.4% 220,268.4 190,826.0 15.4%
Industry
Average
Daily
Volume 8,902.1 7,351.7 21.1% 9,001.0 7,236.9 24.4%
Market
Share 30.2% 32.0% (1.8) pts 30.2% 32.6% (2.4) pts
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Market
Share:
Customer 31.8% 32.7% (0.9) pts 31.9% 33.9% (2.0) pts
Market
Share:
Firm 28.2% 28.8% (0.6) pts 26.4% 27.9% (1.5) pts
Market
Share:
Market
Maker 29.5% 32.4% (2.9) pts 30.0% 32.7% (2.7) pts
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Index Options Volume Statistics
Current Month Year-to-Date
(000s) Apr-07 Apr-06 % Change Apr-07 Apr-06 % Change
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ISE Average Daily
Volume 37.6 25.3 48.9% 43.5 27.2 60.0%
ISE Total Volume 752.3 480.0 56.7% 3,519.9 2,199.8 60.0%
Industry Average
Daily Volume 941.4 639.5 47.2% 952.8 629.1 51.5%
Market Share 4.0% 4.0% 0 pts 4.6% 4.3% 0.3 pts
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Dividend Trade Activity
Our market share statistics continue to be negatively impacted by trading activity related to dividend trades among certain options market makers. These trades temporarily inflate and distort trading volume and market share when transacted. If the volume from the largest dividend trades were excluded from the data, our market share of equity options for the month of April would increase to 30.7% from 30.2%, an increase of 0.5 market share points.
On a year-to-date basis, our market share would increase to 31.3% from 30.2%, an increase of 1.1 market share points, if the volume from the largest dividend trades were excluded. The exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in our business.
Monthly Highlights
-- ISE was the largest U.S. equity options exchange in April.
-- On April 2, 2007, ISE announced that David Krell, its
President and Chief Executive Officer, will retire on January
1, 2008. Upon his retirement, Mr. Krell will remain on ISE's
Board of Directors, pending required approvals. Gary Katz,
ISE's Chief Operating Officer, will succeed Mr. Krell as
President and Chief Executive Officer.
-- On April 17, 2007, ISE successfully launched trading in ISE FX
Options(TM) in four currency pairs: U.S. Dollar/Euro (Symbol:
EUI), U.S. Dollar/British Pound (Symbol: BPX), U.S.
Dollar/Japanese Yen (Symbol: YUK), and U.S. Dollar/Canadian
Dollar (Symbol: CDD).
-- On April 30, 2007, Eurex and ISE announced that they have
signed a definitive agreement under which Eurex will acquire
ISE for approximately $2.8 billion in cash, or $67.50 per
share. Pending receipt of regulatory approval by the U.S.
Securities and Exchange Commission and other customary closing
conditions, the transaction will create the largest
transatlantic derivatives marketplace.
-- ISE traded more volume than any other options exchange in 898
of 1,717 issues in its listings.
