- ISE was the second largest equity options exchange in November with market share of 18.2%, excluding dividend trades.
- Dividend trades made up 4.8% of industry volume in November 2012.
The International Securities Exchange (ISE) today reported average daily volume of 2.5 million contracts in November 2012. This represents a decrease of 11.1% compared to November 2011. Total options volume for the month was 53.2 million contracts. ISE was the second largest U.S. equity options exchange in November with market share of 18.2%*.
Business highlights for the month of November include:
- On November 16, 2012, ISE announced that Marcus Thompson was elected by the Board of Directors for a two-year term. Mr. Thompson, who is a Managing Director within the CFO division of Deutsche Börse AG, will serve as a non-industry director. In his role at Deutsche Börse Group, Mr. Thompson currently is responsible for Financial Accounting & Controlling.
- On November 26, 2012, ISE announced that it became the first exchange to confirm a launch date of March 18, 2013 to commence trading in Mini Options. ISE will initially list Mini Options on the following securities: AAPL, AMZN, GLD, GOOG, and SPY.
- For the month of November, Implied Order functionality accounted for 6.8% of all non-crossing, multi-legged contract volume executed on ISE.
Equity and Index Options Volume Statistics
| |
Current Month
|
Year-to-Date
|
| (000s) |
Nov-12
|
Nov-11
|
% Change
|
Nov-12
|
Nov-11
|
% Change
|
| ISE Average Daily Volume |
2,532.0
|
2,848.0
|
-11.1%
|
2,537.1
|
3,161.3
|
-19.7%
|
| ISE Total Volume |
53,171.2
|
59,808.2
|
-11.1%
|
583,528.8
|
730,269.0
|
-20.1%
|
|
Equity Options Volume Statistics (Includes ETF)
| |
Current Month
|
Year-to-Date
|
| (000s) |
Nov-12
|
Nov-11
|
% Change
|
Nov-12
|
Nov-11
|
% Change
|
|
ISE Average Daily Volume
|
2,509.8
|
2,834.3
|
-11.4%
|
2,515.1
|
3,127.5
|
-19.6%
|
| ISE Total Volume |
52,705.3
|
59,520.3
|
-11.4%
|
578,461.9
|
722,443.8
|
-19.9%
|
| Market Share* |
18.2%
|
19.7%
|
(1.5) pts
|
18.1%
|
19.2%
|
(1.1) pts
|
|
Index Options Volume Statistics (Excludes FX)
| |
Current Month
|
Year-to-Date
|
| (000s) |
Nov-12
|
Nov-11
|
% Change
|
Nov-12
|
Nov-11
|
% Change
|
| ISE Average Daily Volume |
22.1
|
13.4
|
65.3%
|
21.9
|
33.4
|
-34.5%
|
| ISE Total Volume |
464.4
|
281.0
|
65.3%
|
5,033.5
|
7,720.7
|
-34.8%
|
|
FX Volume Statistics
| |
Current Month |
Year-to-Date |
| (000s) |
Nov-12
|
Nov-11
|
% Change
|
Nov-12
|
Nov-11
|
% Change
|
|
ISE Average Daily Volume
|
0.1
|
0.3
|
-66.7%
|
0.1
|
0.5
|
-80.0%
|
| ISE Total Volume |
1.5
|
7.0
|
-78.6%
|
33.4
|
104.5
|
-68.0%
|
|
*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**
|
November 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
|
54,343.3
|
0.0
|
54,343.3
|
18.8
|
17.9
|
0.9
|
0.0%
|
| ISE |
52,705.3
|
0.0
|
52,705.3
|
18.2
|
17.3
|
0.9
|
0.0%
|
| PHLX |
48,428.5
|
14,553.7
|
62,982.2
|
16.7
|
20.7
|
(4.0)
|
23.1%
|
| AMEX |
47,849.4
|
0.0
|
47,849.4
|
16.5
|
15.7
|
0.8
|
0.0%
|
| ARCA |
37,573.4
|
0.0
|
37,573.4
|
13.0
|
12.4
|
0.6
|
0.0%
|
| NSDQ |
18,783.9
|
0.0
|
18,783.9
|
6.5
|
6.2
|
0.3
|
0.0% |
| BATS |
12,010.2
|
0.0
|
12,010.2
|
4.2
|
4.0
|
0.2
|
0.0% |
| BOX |
10,186.4
|
0.0
|
10,186.4
|
3.5
|
3.4
|
0.1
|
0.0% |
| C2 |
4,760.7
|
0.0
|
4,760.7
|
1.6
|
1.6
|
0.0
|
0.0% |
| BXOptions |
3,061.3
|
0.0
|
3,061.3
|
1.1
|
1.0
|
0.1
|
0.0% |
|
|
