International Securities Exchange Reports Business Activity For August 2011

Dividend trades made up 1.2% of industry volume in August 2011.
ISE is the third largest equity options exchange in August with market share of 18.9%, excluding dividend trades.

The International Securities Exchange (ISE) today reported average daily volume of 4.1 million contracts in August 2011. This represents an increase of 75.2% compared to August 2010. Total options volume for the month was 94.8 million contracts. ISE was the third-largest U.S. equity options exchange in August with market share of 18.9%*. Business highlights for the month of August include:

On August 8, ISE announced that it had partnered with Horizon Kinetics to launch the Horizon Kinetics ISE Wealth Index (RCH), an innovative new index which includes companies whose senior management has demonstrated a track record of skill and specific industry knowledge that has translated into high levels of long-term shareholder value creation.
On August 11, ISE received approval from the Securities and Exchange Commission to restructure its Competitive Market Maker (CMM) trading rights. The new program, which launches today, grants greater flexibility to current and new CMMs to select the options classes they would like to quote.
Aggregate assets under management for the ETFs based on ISE's proprietary indexes was $1 billion as of August 31, 2011.

Detailed volume statistics are found in the tables below:

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


Current Month			Year-to-Date
(000s)	Aug-11	Aug-10	% Change	Aug-11	Aug-10	% Change
ISE Average Daily Volume	4,123.1	2,353.1	75.2%	3,152.0	3,055.9	3.1%
ISE Total Volume	94,831.6	51,769.1	83.2%	529,538.6	510,337.4	3.8%

Equity and ETF Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Aug-11	Aug-10	% Change	Aug-11	Aug-10	% Change
ISE Average Daily Volume	4,078.6	2,317.6	76.0%	3,113.2	3,004.3	3.6%
ISE Total Volume	93,808.5	50,986.8	84.0%	523,010.7	501,714.2	4.2%
Market Share*	18.9%	21.0%	(2.1) pts	18.9%	22.2%	(3.3) pts

Index Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Aug-11	Aug-10	% Change	Aug-11	Aug-10	% Change
ISE Average Daily Volume	43.9	34.5	27.3%	38.4	50.3	-23.6%
ISE Total Volume	1,008.9	758.3	33.0%	6,450.9	8,392.4	-23.1%

ISE FX Options® Volume Statistics

	Current Month			Year-to-Date
(000s)	Aug-11	Aug-10	% Change	Aug-11	Aug-10	% Change
ISE Average Daily Volume	0.6	1.1	-45.5%	0.5	1.4	-64.3%
ISE Total Volume	14.3	23.9	-40.2%	76.9	230.8	-66.7%

*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**

Aug 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
PHLX	103,562.0	4,897.6	108,459.5	20.9%	21.6%	(0.7)	4.5%
CBOE	98,078.7	106.7	98,185.4	19.8%	19.6%	0.2	0.1%
ISE	93,808.5	0.0	93,808.5	18.9%	18.7%	0.2	0.0%
AMEX	71,538.4	50.1	71,588.5	14.4%	14.3%	0.1	0.1%
ARCA	59,544.3	1,132.6	60,676.9	12.0%	12.1%	(0.1)	1.9%
NSDQ	21,190.9	0.0	21,190.9	4.3%	4.2%	0.1	0.0%
BATS	20,885.5	0.0	20,885.5	4.2%	4.2%	0.0	0.0%
BOX	20,003.7	0.0	20,003.7	4.0%	4.0%	0.0	0.0%
C2	7,145.9	2.8	7,148.6	1.4%	1.4%	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. 2010 YTD data only is only available from June 2010 onwards.