ISE Reports Business Activity For March 2012

ISE was the second largest equity options exchange in March with market share of 18.3%, excluding dividend trades.
Dividend trades made up 7.8% of industry volume in March 2012.

The International Securities Exchange (ISE) today reported average daily volume of 2.7 million contracts in March 2012. This represents a decrease of 12.7% compared to March 2011. Total options volume for the month was 58.9 million contracts. ISE was the second largest U.S. equity options exchange in March with market share of 18.3%*.

Business highlights for the month of March include:

On March 12, 2012, ISE announced that Tibra Trading America LLC has become a Competitive Market Maker (CMM) on ISE's options exchange.
On March 13, 2012, ISE announced that current median latency for its Optimise™ trading system equals 250 microseconds, a reduction of approximately 39% since the completion of the Optimise rollout in August 2011. Detailed latency statistics are now available at www.ise.com/latencystats.
On March 13, 2012, ISE announced that it has filed for approval with the Securities and Exchange Commission (SEC) to list options on the ISE Max SPY™ Index, a new proprietary index that represents ten times the value of the SPDR® S&P500® ETF Trust (SPY).
On March 26, 2012, ISE completed Technology Release 3.0, the latest upgrade to its new trading system based on the OptimiseTM trading architecture. With this release, ISE introduced the technology necessary to enable Legging Orders, a new order type scheduled to go live in early May.
On March 27, 2012, ISE filed for SEC approval of a mini-options product for which the deliverable will be 10 shares of the underlying security. In ISE's proposal, all contract specifications for mini-options will remain the same except the premium will have a multiplier of 10x instead of 100x to reflect the 10 share deliverable.

Detailed volume statistics are found in the tables below:

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

Current Month			Year-to-Date
(000s)	Mar-12	Mar-11	% Change	Mar-12	Mar-11	% Change
ISE Average Daily Volume	2,678.9	3,067.0	-12.7%	2,682.2	3,187.9	-15.9%
ISE Total Volume	58,936.2	70,541.8	-16.5%	166,294.0	197,651.5	-15.9%

Equity and ETF Options Volume Statistics

Current Month			Year-to-Date
(000s)	Mar-12	Mar-11	% Change	Mar-12	Mar-11	% Change
ISE Average Daily Volume	2,661.1	3,026.8	-12.1%	2,660.7	3,150.5	-15.5%
ISE Total Volume	58,544.3	69,615.9	-15.9%	164,961.7	195,333.3	-15.5%
Market Share*	18.3%	18.9%	(0.6) pts	18.3%	19.1%	(0.8) pts

Index Options Volume Statistics

	Current Month			Year-to-Date
(000s)	Mar-12	Mar-11	% Change	Mar-12	Mar-11	% Change
ISE Average Daily Volume	17.6	39.7	-55.6%	21.3	37.0	-42.5%
ISE Total Volume	387.6	913.6	-57.6%	1,318.6	2,294.4	-42.5%

ISE FX Options® Volume Statistics

	Current Month			Year-to-Date
(000s)	Mar-12	Mar-11	% Change	Mar-12	Mar-11	% Change
ISE Average Daily Volume	0.2	0.5	-60.0%	0.2	0.4	-50.0%
ISE Total Volume	4.3	12.3	-65.0%	13.7	23.8	-42.4%

*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.

Dividend Trade Impact on Industry Market Share**

March 2012 (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	74,502.4	444.3	74,946.7	23.2%	21.6%	1.6 pts	0.6%
ISE	58,544.3	0.0	58,544.3	18.3%	16.8%	1.5 pts	0.0%
PHLX	55,022.5	22,511.4	77,533.9	17.2%	22.3%	(5.1) pts	29.0%
AMEX	52,025.1	222.8	52,247.9	16.2%	15.0%	1.2 pts	0.4%
ARCA	34,142.8	3,909.4	38,052.1	10.6%	10.9%	(0.3) pts	10.3%
NSDQ	18,630.9	0.0	18,630.9	5.8%	5.4%	0.4 pts	0.0%
BOX	13,996.8	0.0	13,996.8	4.4%	4.0%	0.4 pts	0.0%
BATS	9,152.3	0.0	9,152.3	2.9%	2.6%	0.3 pts	0.0%
C2	4,744.4	2.1	4,746.5	1.5%	1.4%	0.1 pts	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.