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NEW YORK, June 2, 2008 – The International Securities Exchange (ISE) today reported that in May 2008, its options exchange traded an average daily volume of 3.6 million contracts. The ISE Stock Exchange traded an average daily volume of 54.3 million shares in the same period.
Average daily trading volume for all options contracts increased 19.2% to 3.6 million contracts in May as compared to 3.0 million contracts during the same period in 2007. Total options volume for the month increased 13.7% to 75.2 million contracts from 66.1 million contracts in the same year-ago period.
On a year-to-date basis, average daily trading volume of all options increased 44.8% to 4.1 million contracts traded as compared to 2.8 million contracts traded in the prior year. Total year-to-date options volume through May 2008 increased 46.2% to 423.9 million contracts from 289.9 million contracts in the same period last year.
| Equity and Index Options Volume Statistics |
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Current Month |
Year-to-Date |
| (000s) |
May-08 |
May-07 |
% Change |
May-08 |
May-07 |
% Change |
| ISE Average Daily Volume |
3,579.7 |
3,004.1 |
19.2% |
4,075.5 |
2,814.4 |
44.8% |
| ISE Total Volume |
75,174.2 |
66,091.2 |
13.7% |
423,856.2 |
289,879.5 |
46.2% |
| Industry Average Daily Volume |
12,708.1 |
10,419.4 |
22.0% |
13,770.9 |
10,053.7 |
37.0% |
| Market Share |
28.2% |
28.8% |
(0.6) pts |
29.6% |
28.0% |
1.6 pts |
| Market Share: Customer |
29.8% |
30.1% |
(0.3) pts |
30.9% |
29.5% |
1.4 pts |
| Market Share: Firm |
31.8% |
27.7% |
4.1 pts |
32.6% |
24.8% |
7.8 pts |
| Market Share: Market Maker |
25.5% |
28.1% |
(2.6) pts |
27.5% |
27.8% |
(0.3) pts |
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| Equity Options Volume Statistics |
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Current Month |
Year-to-Date |
| (000s) |
May-08 |
May-07 |
% Change |
May-08 |
May-07 |
% Change |
| ISE Average Daily Volume |
3,517.1 |
2,954.6 |
19.0% |
4,001.2 |
2,769.4 |
44.5% |
| ISE Total Volume |
73,858.5 |
65,001.6 |
13.6% |
416,126.3 |
285,243.9 |
45.9% |
| Industry Average Daily Volume |
11,758.6 |
9,410.4 |
25.0% |
12,695.5 |
9,087.5 |
39.7% |
| Market Share |
29.9% |
31.4% |
(1.5) pts |
31.5% |
30.5% |
1.0 pt |
| Market Share: Customer |
31.5% |
32.7% |
(1.2) pts |
32.8% |
32.1% |
0.7 pts |
| Market Share: Firm |
34.6% |
30.6% |
4.0 pts |
35.4% |
27.3% |
8.1 pts |
| Market Share: Market Maker |
27.0% |
30.5% |
(3.5) pts |
29.3% |
30.2% |
(0.8) pts |
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| Index Options Volume Statistics |
| |
Current Month |
Year-to-Date |
| (000s) |
May-08 |
May-07 |
% Change |
May-08 |
May-07 |
% Change |
| ISE Average Daily Volume |
61.5 |
49.2 |
25.1% |
65.9 |
44.7 |
47.5% |
| ISE Total Volume |
1,291.3 |
1,081.7 |
19.4% |
6,852.2 |
4,601.5 |
48.9% |
| Industry Average Daily Volume |
937.8 |
1,007.2 |
-6.9% |
1,047.0 |
964.4 |
8.6% |
| Market Share |
6.6% |
4.9% |
1.7 pts |
6.3% |
4.6% |
1.7 pts |
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| ISE FX Options ® Volume Statistics |
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Current Month |
Year-to-Date |
| (000s) |
May-08 |
May-07 |
% Change |
May-08 |
May-07 |
% Change |
| ISE Average Daily Volume |
1.2 |
0.4 |
224.2% |
8.4 |
1.1 |
693.5% |
| ISE Total Volume |
24.5 |
7.9 |
209.4% |
877.7 |
34.0 |
N/M |
*ISE FX Options began trading on April 17, 2007. Average daily volume for YTD 2007 is calculated based on the number of days the products traded.
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
- On May 5, 2008, ISE and the Taiwan Stock Exchange Corporation (TSEC) signed a Memorandum of Understanding (MOU) for cooperation on information sharing, which will facilitate the trading of Exchange Traded Funds (ETFs) on the ISE Stock Exchange and listing options on those ETFs as well as certain indexes.
- On May 5, 2008, ISE announced that its Chairman, David Krell, was awarded the Sullivan Award by the Options Industry Council (OIC) in honor of his overall contributions to the industry. The award was bestowed by the OIC at the 26th annual Options Industry Conference in Las Vegas
Options Exchange
- ISE was the largest U.S. equity options exchange in May.
- ISE traded more volume than any other options exchange in 1,045 of 1,940 issues in its listings.
ISE Stock Exchange
- An average daily volume of 54.3 million shares traded on the ISE Stock Exchange in May 2008.
- The ISE Stock Exchange offers opportunities for price improvement through its non-displayed liquidity pool, MidPoint Match. Total price improvement in May 2008 was $2.9 million, and price improvement for all displayed market taker orders that interacted with MidPoint Match was nearly $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 a parimutuel 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 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]
The ISE globe logo design, International Securities Exchange®, ISE®, ISE Stock Exchange®, ISE FX Options® and MidPoint Match® are registered trademarks of International Securities Exchange, LLC and its affiliates.
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