International Securities Exchange Reports Business Activity For May 2013

ISE was the second largest equity options exchange in May with a market share of 17.2%, excluding dividend trades.
Dividend trades made up 4.0% of industry volume in May 2013.

The International Securities Exchange (ISE) today reported an average daily volume of 2.7 million contracts in May 2013. This represents a decrease of 5.2% compared to May 2012. Total options volume for the month was 58.3 million contracts. ISE was the second largest U.S. equity options exchange in May with a market share of 17.2%*.

Business highlights for the month of May include:

On May 6, ISE announced a partnership with YieldShares to jointly develop and launch the ISE High Income IndexTM, an index that allows investors to efficiently track a portfolio of high income and high discount Closed-End Funds.
On May 13, ISE President and CEO Gary Katz participated in an Equity Market Structure Roundtable hosted by Representative Scott Garrett (R-NJ) to facilitate dialogue about current market structure issues and opportunities to improve existing regulations.
On May 30, ISE announced that trading of multi-legged strategy orders through its Implied Order functionality exceeded 15 million contracts.

Detailed volume statistics are found in the tables below:

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

	Current Month			Year-to-Date
(000s)	May-13	May-12	% Change	May-13	May-12	% Change
ISE Average Daily Volume	2,650.4	2,795.1	-5.2%	2,646.1	2,690.4	-1.6%
ISE Total Volume	58,309.0	61,492.3	-5.2%	275,190.7	279,797.7	-1.6%

Equity and ETF Options Volume Statistics

	Current Month			Year-to-Date
(000s)	May-13	May-12	% Change	May-13	May-12	% Change
ISE Average Daily Volume	2,639.1	2,776.0	-4.9%	2,612.9	2,670.4	-2.2%
ISE Total Volume	58,059.1	61,072.8	-4.9%	271,736.8	277,724.3	-2.2%
Market Share*	17.2%	18.3%	(1.1) pts	17.7%	18.3%	(0.6) pts

Index Options Volume Statistics

	Current Month			Year-to-Date
(000s)	May-13	May-12	% Change	May-13	May-12	% Change
ISE Average Daily Volume	11.1	18.9	-41.2%	32.9	19.8	66.7%
ISE Total Volume	244.8	416.6	-41.2%	3,426.2	2,055.1	66.7%

ISE FX Options® Volume Statistics

	Current Month			Year-to-Date
(000s)	May-13	May-12	% Change	May-13	May-12	% Change
ISE Average Daily Volume	0.2	0.1	100.0%	0.3	0.2	50.0%
ISE Total Volume	5.1	2.9	75.9%	27.7	18.3	51.4%

*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.

May 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
CBOE	61,404.0	0.0	61,404.0	18.2%	17.5%	0.7	0.0%
ISE	58,059.1	0.0	58,059.1	17.2%	16.5%	0.7	0.0%
PHLX	54,166.3	13,947.3	68,113.6	16.0%	19.4%	(3.4)	20.5%
AMEX	52,248.2	0.0	52,248.2	15.5%	14.9%	0.6	0.0%
ARCA	43,410.8	0.0	43,410.8	12.9%	12.4%	0.5	0.0%
NSDQ	30,832.3	0.0	30,832.3	9.1%	8.8%	0.3	0.0%
BATS	14,734.0	0.0	14,734.0	4.4%	4.2%	0.2	0.0%
BOX	9,173.6	0.0	9,173.6	2.7%	2.6%	0.1	0.0%
C2	8,667.4	0.0	8,667.4	2.6%	2.5%	0.1	0.0%
BXOptions	3,556.4	0.0	3,556.4	1.1%	1.0%	0.1	0.0%
MIAX	1,411.0	0.0	1,411.0	0.4%	0.4%	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.