International Securities Exchange Reports Monthly Volume For November 2008

The International Securities Exchange (ISE) today reported that in November 2008, its options exchange traded an average daily volume of 3.4 million contracts. The ISE Stock Exchange traded an average daily volume of 135.6 million shares in the same period.

Average daily trading volume for all options contracts decreased 20.0% to 3.4 million contracts in November as compared to 4.3 million contracts during the same period in 2007. Total options volume for the month decreased 27.6% to 65.2 million contracts from 90.1 million contracts in the same year-ago period.

On a year-to-date basis, average daily trading volume of all options increased 28.0% to 4.1 million contracts traded as compared to 3.2 million contracts traded in the prior year. Total year-to-date options volume through November 2008 increased 28.0% to 949.1 million contracts from 741.6 million contracts in the same period last year.

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

Current Month Year-to-Date

(000s)
Nov-08

Nov-07

% Change

Nov-08

Nov-07

% Change

ISE Average Daily Volume

3,432.1

4,288.2

-20.0%

4,108.5

3,210.4

28.0%

ISE Total Volume

65,210.1

90,052.6

-27.6%

949,075.0

741,591.9

28.0%

Industry Average Daily Volume

12,888.6

14,800.1

-12.9%

14,550.7

11,366.2

28.0%

Market Share

26.6%

29.0%

(2.4) pts

28.2%

28.2%

0 pts

Market Share: Customer

27.8%

29.1%

(1.3) pts

29.9%

29.0%

0.9 pts

Market Share: Firm

27.5%

26.8%

0.7 pts

30.7%

26.5%

4.2 pts

Market Share: Market Maker

25.6%

29.6%

(4.0) pts

26.2%

28.2%

(2.0) pts

Equity and ETF Options Volume Statistics

Current Month

Year-to-Date

(000s)

Nov-08

Nov-07

% Change

Nov-08

Nov-07

% Change

ISE Average Daily Volume
3,383.4

4,192.4

-19.3%

4,028.0

3,145.0

28.1%

ISE Total Volume

64,285.4

88,041.2

-27.0%

930,474.5

726,504.2

28.1%

Industry Average Daily Volume

11,752.2

13,469.0

-12.7%

13,338.7

10,274.8

29.8%

Market Share

28.8%

31.1%

(2.3) pts

30.2%

30.6%

(0.4) pts

Market Share: Customer

29.7%

31.3%

(1.6) pts

31.8%

31.4%

0.4 pts

Market Share: Firm

31.7%

29.2%

2.5 pts

33.7%

29.1%

4.6 pts

Market Share: Market Maker

27.4%

31.6%

(4.2) pts

27.8%

30.5%

(2.7) pts

Index Options Volume Statistics

Current Month

Year-to-Date

(000s)

Nov-08

Nov-07

% Change

Nov-08

Nov-07

% Change

ISE Average Daily Volume
45.9

88.8

-48.3%

73.4

62.8

16.9%

ISE Total Volume

872.7

1,864.9

-53.2%

16,962.6

14,518.3

16.8%

Industry Average Daily Volume

1,133.6

1,324.0

-14.4%

1,204.9

1,088.9

10.7%

Market Share

4.1%

6.7%

(2.6) pts

6.1%

5.8%

0.3 pts

ISE FX Options® Volume Statistics*

Current Month Year-to-Date

(000s)

Nov-08

Nov-07

% Change

Nov-08

Nov-07

% Change

ISE Average Daily Volume

2.7

7.0

-61.4%

7.1

3.2

121.9%

ISE Total Volume

52.0

146.5

-64.5%

1,637.9

569.4

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

Options Exchange

ISE traded more volume than any other options exchange in 1,095 of 2,032 issues in its listings.

ISE Stock Exchange

The ISE Stock Exchange offers opportunities for price improvement through its non-displayed liquidity pool, MidPoint Match. Total price improvement in November 2008 was $5.9 million, and price improvement for all displayed market taker orders that interacted with MidPoint Match was over $0.01 per share.