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The International Securities Exchange (NYSE:ISE) today reported that average daily trading volume for equity and index options contracts for September 2007 increased 27.9% to 3.0 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 21.5% to 57.4 million contracts from 47.3 million contracts in the same year-ago period.
On a year-to-date basis, average daily trading volume of equity and index options increased 29.6% to 3.0 million contracts traded as compared to 2.3 million contracts traded in the prior year. Total year-to-date equity and index volume through September 2007 increased 28.9% to 567.1 million contracts from 439.8 million contracts in the same period last year.
Equity and Index Options Volume Statistics
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Current Month Year-to-Date
(000s) Sep-07 Sep-06 % Change Sep-07 Sep-06 % Change
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ISE
Average
Daily
Volume 3,022.7 2,363.2 27.9% 3,032.5 2,339.3 29.6%
ISE Total
Volume 57,431.5 47,264.4 21.5% 567,075.4 439,790.4 28.9%
Industry
Average
Daily
Volume 10,705.9 7,948.3 34.7% 10,817.1 7,881.3 37.3%
Market
Share 28.2% 29.7% (1.5) pts 28.0% 29.7% (1.7) pts
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Market
Share:
Customer 28.9% 29.7% (0.8) pts 29.1% 30.2% (1.1) pts
Market
Share:
Firm 27.4% 24.8% 2.6 pts 26.2% 25.7% 0.5 pts
Market
Share:
Market
Maker 28.0% 31.4% (3.4) pts 27.8% 30.5% (2.7) pts
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Equity Options Volume Statistics
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Current Month Year-to-Date
(000s) Sep-07 Sep-06 % Change Sep-07 Sep-06 % Change
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ISE Average
Daily
Volume 2,958.9 2,327.4 27.1% 2,973.4 2,307.0 28.9%
ISE Total
Volume 56,219.6 46,547.3 20.8% 556,023.9 433,724.3 28.2%
Industry
Average
Daily
Volume 9,625.0 7,215.0 33.4% 9,747.1 7,158.7 36.2%
Market Share 30.7% 32.3% (1.6) pts 30.5% 32.2% (1.7) pts
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Market
Share:
Customer 31.1% 32.0% (0.9) pts 31.5% 32.5% (1.0) pts
Market
Share: Firm 30.5% 27.7% 2.8 pts 28.9% 28.6% 0.3 pts
Market
Share:
Market
Maker 30.5% 34.0% (3.5) pts 30.1% 33.1% (3.0) pts
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Index Options Volume Statistics
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Current Month Year-to-Date
(000s) Sep-07 Sep-06 % Change Sep-07 Sep-06 % Change
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ISE Average Daily
Volume 63.8 35.9 77.9% 59.1 32.3 83.2%
ISE Total Volume 1,211.8 717.1 69.0% 11,051.5 6,066.1 82.2%
Industry Average
Daily Volume 1,068.4 732.9 45.8% 1,066.6 722.0 47.7%
Market Share 6.0% 4.9% 1.1 pts 5.5% 4.5% 1.0 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 September would increase to 31.7% from 30.7%, an increase of 1.0 market share points.
On a year-to-date basis, our market share would increase to 31.3% from 30.5%, an increase of 0.8 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 September.
- On September 6, 2007, ISE's Board of Directors declared a quarterly dividend of $0.05 per outstanding share of its Class A Common Stock. The dividend was payable on or about September 28, 2007 to holders of record as of the close of business on September 21, 2007.
- On September 19, 2007, the ISE Stock Exchange set a new daily trading volume record of 115.7 million, surpassing the previous record of 109.0 million shares set on September 18, 2007.
- On September 19, 2007, ISE launched a direct XML data feed for ISEE Select(SM), its customized sentiment data offering. Subscribers to the proprietary ISEE Select XML Feed can now simultaneously access sentiment values for nearly all securities that trade options on ISE as they are published every twenty minutes.
- Open interest in ISE FX Options continues to grow and reached 169,578 contracts on September 28, 2007, surpassing open interest of 151,480 contracts at the end of August.
- ISE traded more volume than any other options exchange in 988 of 1,795 issues in its listings.
ISE Background
International Securities Exchange Holdings, Inc. (NYSE: ISE), through its subsidiaries, operates a family of innovative securities markets. Founded on the principle that technology and competition create better, more efficient markets for investors, ISE consists of an options exchange, a stock exchange, an alternative markets platform, and a market data business. ISE continually enhances its trading systems and develops new products to provide investors with the best marketplace and investment tools to trade smarter. ISE developed a unique market structure for advanced screen-based trading systems and in May 2000 launched the first fully electronic US options exchange. Currently, ISE operates the world's largest equity options exchange. ISE offers index options, including a portfolio of proprietary index products, and enhanced market data products for sophisticated investors. ISE FX Options(SM) launched in the second quarter of 2007.
ISE Stock Exchange, launched in September 2006, is a completely electronic marketplace and the only dual structure platform that integrates a dark pool, MidPoint Match(SM), with a fully displayed stock market. Midpoint Match is a proprietary, non-displayed market that trades equity securities at the midpoint between the National Best Bid and Offer (NBBO).
