ISE Reports Monthly Volume for February 2008
March 03 2008 - 8:15AM
Business Wire
The International Securities Exchange (ISE) today reported that in
February 2008, its options exchange traded an average daily volume
of 3.7 million contracts. The ISE Stock Exchange traded an average
daily volume of 76.1 million shares in the same period. Average
daily trading volume for equity and index options contracts
increased 36.3% to 3.7 million contracts in February as compared to
2.7 million contracts during the same period in 2007. Total equity
and index options volume for the month increased 43.5% to 73.3
million contracts from 51.1 million contracts in the same year-ago
period. On a year-to-date basis, average daily trading volume of
equity and index options increased 55.7% to 4.3 million contracts
traded as compared to 2.7 million contracts traded in the prior
year. Total year-to-date equity and index volume through February
2008 increased 63.7% to 174.9 million contracts from 106.9 million
contracts in the same period last year. � Equity and Index Options
Volume Statistics � Current Month � Year-to-Date (000s) � Feb-08 �
Feb-07 � % Change � Feb-08 � Feb-07 � % Change ISE Average Daily
Volume 3,666.2 � 2,689.9 � 36.3% 4,266.2 � 2,740.2 � 55.7% ISE
Total Volume 73,324.0 51,109.0 43.5% 174,913.0 106,867.9 63.7%
Industry Average Daily Volume 12,221.0 9,644.7 26.7% 14,672.8
9,764.8 50.3% Market Share � 30.0% � 27.9% � 2.1 pts � 29.1% �
28.1% � 1.0 pts Market Share: Customer 30.7% 29.5% 1.2 pts 30.5%
29.7% 0.8 pts Market Share: Firm 33.8% 24.1% 9.7 pts 30.8% 23.9%
6.9 pts Market Share: Market Maker � 28.2% � 27.8% � 0.4 pts �
27.4% � 28.2% � (0.8) pts � Equity Options Volume Statistics �
Current Month � Year-to-Date (000s) � Feb-08 � Feb-07 � % Change �
Feb-08 � Feb-07 � % Change ISE Average Daily Volume 3,611.1 �
2,642.3 � 36.7% 4,194.8 � 2,697.4 � 55.5% ISE Total Volume 72,221.2
50,204.0 43.9% 171,987.9 105,198.2 63.5% Industry Average Daily
Volume 11,246.8 8,767.2 28.3% 13,510.8 8,938.0 51.2% Market Share �
32.1% � 30.1% � 2.0 pts � 31.1% � 30.2% � 0.9 pts Market Share:
Customer 32.6% 32.0% 0.6 pts 32.5% 31.9% 0.6 pts Market Share: Firm
37.0% 26.2% 10.8 pts 33.5% 25.8% 7.7 pts Market Share: Market Maker
� 30.2% � 29.9% � 0.3 pts � 29.1% � 30.2% � (1.1) pts � Index
Options Volume Statistics � Current Month � Year-to-Date (000s) �
Feb-08 � Feb-07 � % Change � Feb-08 � Feb-07 � % Change ISE Average
Daily Volume 55.1 � 47.6 � 15.8% 71.3 � 42.8 � 66.6% ISE Total
Volume 1,102.8 905.0 21.9% 2,925.1 1,669.8 75.2% Industry Average
Daily Volume 956.6 876.2 9.2% 1,136.9 825.7 37.7% Market Share �
5.8% � 5.4% � 0.4 pts � 6.3% � 5.2% � 1.1 pts 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
February. On February 21, 2008, ISE began trading options on two
new ISE FX Options� currency pairs, the U.S. dollar/Australian
dollar (Symbol: AUX) and the U.S. dollar/Swiss franc (Symbol: SFC).
Timber Hill LLC serves as Primary Market Maker for these new
products. On February 24, 2008, the Osaka Securities Exchange Co.,
Ltd. (OSE) and ISE announced that they signed a Memorandum of
Agreement (MOA), in which the two exchanges agreed to build a
cooperative relationship as the first step towards the formation of
a joint venture and the launch of a new, jointly owned trading
platform that promises to revitalize the Japanese equity options
market. ISE traded more volume than any other options exchange in
1,134 of 1,891 issues in its listings. ISE Stock Exchange An
average daily volume of 76.1 million shares traded on the ISE Stock
Exchange in February 2008. The ISE Stock Exchange offers
opportunities for price improvement through its non-displayed
liquidity pool, MidPoint MatchSM. Total price improvement in
February 2008 was $4.6 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 equity, ETF, index, and FX
options. 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 and operated by Deutsche B�rse 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. ISE FX
OPTIONS is a registered trademark of International Securities
Exchange, LLC.
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