The International Securities Exchange (ISE) today reported that in May 2008, its options exchange traded an average daily volume of 3.6 million contracts. The ISE Stock Exchange traded an average daily volume of 54.3 million shares in the same period.
Average daily trading volume for all options contracts increased 19.2% to 3.6 million contracts in May as compared to 3.0 million contracts during the same period in 2007. Total options volume for the month increased 13.7% to 75.2 million contracts from 66.1 million contracts in the same year-ago period.
On a year-to-date basis, average daily trading volume of all options increased 44.8% to 4.1 million contracts traded as compared to 2.8 million contracts traded in the prior year. Total year-to-date options volume through May 2008 increased 46.2% to 423.9 million contracts from 289.9 million contracts in the same period last year.
Equity and Index Options Volume Statistics | ||||||
Current Month | Year-to-Date | |||||
(000s) | May-08 | May-07 | % Change | May-08 | May-07 | % Change |
ISE Average Daily Volume | 3,579.7 | 3,004.1 | 19.2% | 4,075.5 | 2,814.4 | 44.8% |
ISE Total Volume | 75,174.2 | 66,091.2 | 13.7% | 423,856.2 | 289,879.5 | 46.2% |
Industry Average Daily Volume | 12,708.1 | 10,419.4 | 22.0% | 13,770.9 | 10,053.7 | 37.0% |
Market Share | 28.2% | 28.8% | (0.6) pts | 29.6% | 28.0% | 1.6 pts |
Market Share: Customer | 29.8% | 30.1% | (0.3) pts | 30.9% | 29.5% | 1.4 pts |
Market Share: Firm | 31.8% | 27.7% | 4.1 pts | 32.6% | 24.8% | 7.8 pts |
Market Share: Market Maker | 25.5% | 28.1% | (2.6) pts | 27.5% | 27.8% | (0.3) pts |
Equity Options Volume Statistics | ||||||
Current Month | Year-to-Date | |||||
(000s) | May-08 | May-07 | % Change | May-08 | May-07 | % Change |
ISE Average Daily Volume | 3,517.1 | 2,954.6 | 19.0% | 4,001.2 | 2,769.4 | 44.5% |
ISE Total Volume | 73,858.5 | 65,001.6 | 13.6% | 416,126.3 | 285,243.9 | 45.9% |
Industry Average Daily Volume | 11,758.6 | 9,410.4 | 25.0% | 12,695.5 | 9,087.5 | 39.7% |
Market Share | 29.9% | 31.4% | (1.5) pts | 31.5% | 30.5% | (1.0) pt |
Market Share: Customer | 31.5% | 32.7% | (1.2) pts | 32.8% | 32.1% | 0.7 pts |
Market Share: Firm | 34.6% | 30.6% | 4.0 pts | 35.4% | 27.3% | 8.1 pts |
Market Share: Market Maker | 27.0% | 30.5% | (3.5) pts | 29.3% | 30.2% | (0.8) pts |
Index Options Volume Statistics | ||||||
Current Month | Year-to-Date | |||||
(000s) | May-08 | May-07 | % Change | May-08 | May-07 | % Change |
ISE Average Daily Volume | 61.5 | 49.2 | 25.1% | 65.9 | 44.7 | 47.5% |
ISE Total Volume | 1,291.3 | 1,081.7 | 19.4% | 6,852.2 | 4,601.5 | 48.9% |
Industry Average Daily Volume | 937.8 | 1,007.2 | -6.9% | 1,047.0 | 964.4 | 8.6% |
Market Share | 6.6% | 4.9% | 1.7 pts | 6.3% | 4.6% | 1.7 pts |
ISE FX Options ® Volume Statistics | ||||||
Current Month | Year-to-Date | |||||
(000s) | May-08 | May-07 | % Change | May-08 | May-07 | % Change |
ISE Average Daily Volume | 1.2 | 0.4 | 224.2% | 8.4 | 1.1 | 693.5% |
ISE Total Volume | 24.5 | 7.9 | 209.4% | 877.7 | 34.0 | N/M |
*ISE FX Options began trading on April 17, 2007. Average daily volume for YTD 2007 is calculated based on the number of days the products traded.
ISE's market share statistics continue to be negatively impacted by trading strategies that are permitted based on a non-economic rationale. These strategies include dividend trades and synthetic short interest trades. These trades temporarily inflate and distort trading volume and market share when transacted.
Monthly Highlights
- On May 5, 2008, ISE and the Taiwan Stock Exchange Corporation (TSEC) signed a Memorandum of Understanding (MOU) for cooperation on information sharing, which will facilitate the trading of Exchange Traded Funds (ETFs) on the ISE Stock Exchange and listing options on those ETFs as well as certain indexes.
- On May 5, 2008, ISE announced that its Chairman, David Krell, was awarded the Sullivan Award by the Options Industry Council (OIC) in honor of his overall contributions to the industry. The award was bestowed by the OIC at the 26th annual Options Industry Conference in Las Vegas
Options Exchange
- ISE was the largest U.S. equity options exchange in May.
- ISE traded more volume than any other options exchange in 1,045 of 1,940 issues in its listings.
ISE Stock Exchange
- An average daily volume of 54.3 million shares traded on the ISE Stock Exchange in May 2008.
- The ISE Stock Exchange offers opportunities for price improvement through its non-displayed liquidity pool, MidPoint Match. Total price improvement in May 2008 was $2.9 million, and price improvement for all displayed market taker orders that interacted with MidPoint Match was nearly $0.01 per share.