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NEW YORK, April 1, 2008 – The International Securities Exchange (ISE) today reported that in March 2008, its options exchange traded an average daily volume of 4.2 million contracts. The ISE Stock Exchange traded an average daily volume of 91.7 million shares in the same period.
Average daily trading volume for all options contracts increased 49.8% to 4.2 million contracts in March as compared to 2.8 million contracts during the same period in 2007. Total equity and index options volume for the month increased 36.2% to 84.9 million contracts from 62.3 million contracts in the same year-ago period.
On a year-to-date basis, average daily trading volume of equity and index options increased 53.6% to 4.3 million contracts traded as compared to 2.8 million contracts traded in the prior year. Total year-to-date equity and index volume through March 2008 increased 53.6% to 259.8 million contracts from 169.2 million contracts in the same period last year.
| Equity and Index Options Volume Statistics |
| |
Current Month |
Year-to-Date |
| (000s) |
Mar-08 |
Mar-07 |
% Change |
Mar-08 |
Mar-07 |
% Change |
| ISE Average Daily Volume |
4,244.9 |
2,833.0 |
49.8% |
4,259.2 |
2,773.7 |
53.6% |
| ISE Total Volume |
84,897.8 |
62,326.4 |
36.2% |
259,810.8 |
169,194.4 |
53.6% |
| Industry Average Daily Volume |
14,100.0 |
10,390.7 |
35.7% |
14,485.0 |
9,990.5 |
45.0% |
| Market Share |
30.1% |
27.3% |
2.8 pts |
29.4% |
27.8% |
1.6 pts |
| Market Share: Customer |
31.4% |
28.9% |
2.5 pts |
30.8% |
29.4% |
1.4 pts |
| Market Share: Firm |
33.2% |
23.0% |
10.2 pts |
31.5% |
23.6% |
7.9 pts |
| Market Share: Market Maker |
28.1% |
27.4% |
0.7 pts |
27.6% |
27.9% |
(0.3) pts |
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| Equity Options Volume Statistics |
| |
Current Month |
Year-to-Date |
| (000s) |
Mar-08 |
Mar-07 |
% Change |
Mar-08 |
Mar-07 |
% Change |
| ISE Average Daily Volume |
4,166.8 |
2,783.1 |
49.7% |
4,180.0 |
2,728.3 |
53.2% |
| ISE Total Volume |
83,335.2 |
61,228.6 |
36.1% |
254,977.8 |
166,426.8 |
53.2% |
| Industry Average Daily Volume |
12,971.6 |
9,200.8 |
41.0% |
13,328.4 |
9,032.8 |
47.6% |
| Market Share |
32.1% |
30.3% |
1.8 pts |
31.4% |
30.2% |
1.2 pts |
| Market Share: Customer |
33.4% |
32.0% |
1.4 pts |
32.8% |
32.0% |
0.8 pts |
| Market Share: Firm |
36.1% |
26.0% |
10.1 pts |
34.3% |
25.9% |
8.4 pts |
| Market Share: Market Maker |
30.0% |
30.3% |
(0.3) pts |
29.4% |
30.2% |
(0.8) pts |
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| Index Options Volume Statistics |
| |
Current Month |
Year-to-Date |
| (000s) |
Mar-08 |
Mar-07 |
% Change |
Mar-08 |
Mar-07 |
% Change |
| ISE Average Daily Volume |
61.1 |
49.9 |
22.5% |
68.0 |
45.4 |
49.9% |
| ISE Total Volume |
1,222.8 |
1,097.8 |
11.4% |
4,147.9 |
2,767.6 |
49.9% |
| Industry Average Daily Volume |
1,085.4 |
1,188.6 |
(8.7)% |
1,120.0 |
956.6 |
17.1% |
| Market Share |
5.6% |
4.2% |
1.4 pts |
6.1% |
4.7% |
1.4 pts |
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| ISE FX Options Volume Statistics |
| |
Current Month |
Year-to-Date |
| (000s) |
Mar-08 |
Mar-07 |
% Change |
Mar-08 |
Mar-07 |
% Change |
| ISE Average Daily Volume |
17.0 |
- |
N/A |
11.2 |
- |
N/A |
| ISE Total Volume |
339.7 |
- |
N/A |
685.1 |
- |
N/A |
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 was the largest U.S. equity options exchange in March.
- On March 10, 2008, ISE announced that its Depth of Market Feed for options is available through PrecISE Trade™. ISE's Depth of Market Feed is a real-time data feed that provides the aggregated volume of all quotes and orders available at each of the top five price levels for options that trade on ISE.
- On March 12, 2008, Eurex, ISE, and The Options Clearing Corporation (OCC) announced their plan to create a transatlantic trading and clearing link that will allow Eurex customers to access ISE's options market using their existing Eurex connections. Eurex, ISE and OCC expect the transatlantic link will be implemented by the second half of 2009, subject to all necessary regulatory approvals.
- On March 12, 2008, ISE announced the upcoming launch of ISE Alternative Markets with the introduction of derivatives auctions based on the ReXX Commercial Property Indices. ISE Alternative Markets is able to provide liquidity and transparency to the real estate derivatives market through the use of its patented Longitude Auction Platform. The first auctions are scheduled for the second quarter of 2008.
- On March 19, 2008, ISE's Board of Directors unanimously elected Frank J. Jones, PhD as its Vice Chairman. ISE's Board of Directors also unanimously elected director Kenneth Vecchione to serve as the Chairman of its Finance and Audit Committee.
- On March 28, 2008, ISE FX Options® reached a record daily trading volume of 64,963 contracts.
- Open interest in ISE FX Options reached 566,888 contracts on March 31, 2008 and average daily trading volume was a record 16,986 contracts for the month.
- ISE traded more volume than any other options exchange in 1,088 of 1,917 issues in its listings.
ISE Stock Exchange
- An average daily volume of 91.7 million shares traded on the ISE Stock Exchange in March 2008.
- The ISE Stock Exchange offers opportunities for price improvement through its non-displayed liquidity pool, MidPoint MatchSM. Total price improvement in March 2008 was $3.0 million, and price improvement for all displayed market taker orders that interacted with MidPoint Match was greater than $0.01 per share.
ISE Background
The International Securities Exchange operates a family of fully electronic trading platforms, creating efficient markets through innovative technology and market structure. ISE's markets portfolio consists of an options exchange and a stock exchange. As the world's largest equity options trading venue, ISE offers options on equities, ETFs, indexes, and FX. The ISE Stock Exchange trades approximately 6,000 products, and is the only fully electronic equities platform that provides the opportunity for continuous price improvement through the interaction of its non-displayed liquidity pool, MidPoint Match, and its displayed stock market. ISE Alternative Markets is scheduled to launch in 2008 and will offer an events market trading platform for derivatives auctions. To complement its markets and enable investors to trade smarter, ISE creates innovative new products including a portfolio of proprietary indexes and enhanced market data products for sophisticated investors.
ISE is a wholly owned subsidiary of Eurex, a leading global derivatives exchange. Eurex itself is jointly owned by Deutsche Börse AG (Ticker: DB1) and SWX Swiss Exchange. Together, Eurex and ISE are the global market leader in individual equity and equity index derivatives.
For more information, please visit www.ise.com.
CONTACT:
Media:
Molly H. McGregor
International Securities Exchange
212-897-0275
[email protected]
ISE FX OPTIONS is a registered trademark of International Securities Exchange, LLC.
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