ISE Reports Business Activity For May 2011

Dividend trades made up 6.3% of industry volume in May 2011.
ISE is the third largest equity options exchange in May with market share of 19.0%, excluding dividend trades.

The International Securities Exchange (ISE) today reported average daily volume of 2.9 million contracts in May 2011. This represents a decrease of 27.1% compared to May 2010, a month which experienced high options volume due to significant market volatility on May 6, 2010 and throughout the month. Total options volume for the month was 60.6 million contracts. ISE was the third-largest U.S. equity options exchange in May with market share of 19.0%*. Business highlights for the month of May include:

On May 9, 2011, ISE announced that Stanley Choung was elected to its Board of Directors. Mr. Choung, Managing Director of the Institutional Equity Division for Morgan Stanley, now serves as an industry director representing ISE's Primary Market Makers (PMMs).
On May 24, 2011, ISE commenced the migration of its primary market to its new options trading system on the Optimise™ trading architecture.
Aggregate assets under management for the ETFs based on ISE's proprietary indexes was $1.7 billion as of May 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)	May-11	May-10	% Change	May-11	May-10	% Change
ISE Average Daily Volume	2,885.7	3,961.1	-27.1%	3,073.0	3,408.1	-9.8%
ISE Total Volume	60,599.5	79,221.1	-23.5%	316,521.4	347,623.5	-8.9%

Equity and ETF Options Volume Statistics

Current Month			Year-to-Date
(000s)	May-11	May-10	% Change	May-11	May-10	% Change
ISE Average Daily Volume	2,848.8	3,887.9	-26.7%	3,035.9	3,350.5	-9.4%
ISE Total Volume	59,824.4	77,757.5	-23.1%	312,693.8	341,748.5	-8.5%
Market Share*	19.0%	21.3%	(2.3) pts	19.1%	22.9%	(3.8) pts

Index Options Volume Statistics

Current Month			Year-to-Date
(000s)	May-11	May-10	% Change	May-11	May-10	% Change
ISE Average Daily Volume	36.5	70.0	-47.9%	36.8	56.2	-34.5%
ISE Total Volume	765.5	1,400.7	-45.3%	3,785.4	5,730.2	-33.9%

ISE FX Options® Volume Statistics

	Current Month			Year-to-Date
(000s)	May-11	May-10	% Change	May-11	May-10	% Change
ISE Average Daily Volume	0.5	3.1	-83.9%	0.4	1.4	-71.4%
ISE Total Volume	9.6	62.9	-84.7%	42.2	144.8	-70.9%

*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, 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**

May 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	67,668.6	19,368.3	87,036.9	21.5%	25.9%	(4.4) pts	22.3%
CBOE	62,437.3	124.6	62,561.9	19.8%	18.6%	1.2 pts	0.2%
ISE	59,824.4	0.0	59,824.4	19.0%	17.8%	1.2 pts	0.0%
NYSE AMEX	47,713.1	147.7	47,860.8	15.2%	14.2%	1.0 pts	0.3%
NYSE ARCA	34,779.2	1,678.8	36,458.0	11.1%	10.8%	0.3 pts	4.6%
NOM	16,035.9	0.0	16,035.9	5.1%	4.8%	0.3 pts	0.0%
BATS	13,487.7	0.0	13,487.7	4.3%	4.0%	0.3 pts	0.0%
BOX	8,995.8	0.0	8,995.8	2.9%	2.7%	0.2 pts	0.0%
C2	3,915.4	0.0	3,915.4	1.2%	1.2%	0.0 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. 2010 YTD data only is only available from June 2010 onwards.