ISE Reports Monthly Volume for July 2006; Average Daily Volume of 2.3 Million Contracts, Up 32.5% from July 2005
01 August 2006 - 11:25PM
Business Wire
The International Securities Exchange (NYSE:ISE) today reported
that average daily trading volume for equity and index options
contracts for July 2006 increased 32.5% to 2.3 million contracts as
compared to 1.7 million contracts during the same period in 2005.
Total equity and index options volume for the month increased 32.5%
to 45.9 million contracts from 34.6 million contracts in the same
year-ago period. On a year-to-date basis, average daily trading
volume of equity and index options increased 41.7% to 2.4 million
contracts traded as compared to 1.7 million contracts traded in the
prior year. Total equity and index volume through July 2006
increased 41.7% to 345.4 million contracts from 243.8 million
contracts in the same period last year. Our average daily trading
volume continues to be negatively impacted by trading activity
related to dividend trades among certain options market makers.
These trades temporarily inflate and distort trading volume and
market share when transacted. If the volume from the largest
dividend trades were excluded from the data, our market share of
equity options for the month of July would increase to 32.6% from
32.4%, an increase of 0.2 market share points. On a year-to-date
basis, our market share would increase to 33.4% from 32.3%, an
increase of 1.1 market share points, if the volume from the largest
dividend trades were excluded. The exclusion of dividend trades
from total industry volume data presents a more relevant measure of
the relative trends in our business. Equity and Index Options
Volume Statistics -0- *T Current Year-to- Month Date (000s) Jul-06
Jul-05 % Change Jul-06 Jul-05 % Change --------- -------- ---------
--------- ---------- ---------- --------- ISE Average Daily Volume
2,295.0 1,732.3 32.5% 2,382.2 1,681.1 41.7% ISE Total Volume
45,900.0 34,645.3 32.5% 345,420.3 243,754.7 41.7% Industry Average
Daily Volume 7,730.1 5,643.2 37.0% 8,015.1 5,577.0 43.7% Market
Share 29.7% 30.7% (1.0) pts 29.7% 30.1% (0.4) pts ---------
-------- --------- --------- ---------- ---------- --------- Market
Share: Customer 28.9% 30.2% (1.3) pts 30.4% 30.2% 0.2 pts Market
Share: Firm 26.7% 23.5% 3.2 pts 25.8% 21.4% 4.4 pts Market Share:
Market Maker 31.3% 33.1% (1.8) pts 30.3% 32.4% (2.1) pts ---------
-------- --------- --------- ---------- ---------- --------- *T
Equity Options Volume Statistics -0- *T Current Year-to- Month Date
(000s) Jul-06 Jul-05 % Change Jul-06 Jul-05 % Change ---------
-------- --------- --------- ---------- ---------- --------- ISE
Average Daily Volume 2,263.2 1,708.9 32.4% 2,350.3 1,667.5 40.9%
ISE Total Volume 45,263.2 34,178.3 32.4% 340,789.8 241,784.5 40.9%
Industry Average Daily Volume 6,979.2 5,155.2 35.4% 7,283.3 5,081.4
43.3% Market Share 32.4% 33.2% (0.8) pts 32.3% 32.8% (0.5) pts
--------- -------- --------- --------- ---------- ----------
--------- Market Share: Customer 31.4% 32.2% (0.8) pts 32.7% 32.5%
0.2 pts Market Share: Firm 29.7% 26.4% 3.3 pts 28.8% 24.1% 4.7 pts
Market Share: Market Maker 34.3% 35.8% (1.5) pts 32.9% 35.4% (2.5)
pts --------- -------- --------- --------- ---------- ----------
--------- *T Index Options Volume Statistics -0- *T Current
Year-to- Month Date (000s) Jul-06 Jul-05 % Change Jul-06 Jul-05 %
Change ----------- --------- --------- --------- -------- ---------
--------- ISE Average Daily Volume 31.8 23.3 36.4% 31.9 13.6 135.0%
ISE Total Volume 636.8 467.0 36.4% 4,630.5 1,970.2 135.0% Industry
Average Daily Volume 750.9 488.0 53.9% 731.8 495.6 47.7% Market
Share 4.2% 4.8% (0.6) pts 4.4% 2.7% 1.7 pts ----------- ---------
--------- --------- -------- --------- --------- *T Monthly
Highlights -- ISE was the largest U.S. equity options exchange in
July. -- On July 5, 2006, ISE announced the introduction of a
Second Market that will list approximately 850 additional equity
options beginning in the third quarter of 2006, pending SEC
approval. The listing of these equity options classes will double
the total number of options classes traded at ISE. -- On July 10,
2006, ISE received SEC approval to launch its new Quarterly options
product. Quarterly options expire at the end of a calendar quarter.
For each options class, ISE offers five expiration dates: four
front calendar quarters and the fourth quarter from the following
year. The ISE now offers Quarterly Options expiring on the last
trading days in September 2006, December 2006, March 2007, June
2007, and December 2007. -- On July 19, 2006, ISE announced that it
rolled out PrecISE Trade(TM), its new front-end trading application
for broker-dealers to access ISE's markets. PrecISE offers users a
lighter application with reduced bandwidth requirements and a
faster, flexible trading interface that provides greater capacity
to support future enhancements. -- On July 24, 2006, ISE announced
that Nomura Securities International, Inc., Van der Moolen, and a
subsidiary of E*TRADE FINANCIAL Corporation joined previously
announced strategic partners Bear Stearns, Citadel Derivatives
Group, Deutsche Bank, Interactive Brokers Group LLC, JPMorgan,
Knight Capital Group, Inc., and Sun Trading LLC as joint owners of
the new ISE Stock Exchange LLC. -- ISE traded more volume than any
other options exchange in 660 of 924 issues in its listings. ISE
Background The International Securities Exchange (ISE) is an
innovative securities market, founded on the principle that
technology and competition create better, more efficient markets
for investors. ISE is the largest equity options exchange and is
among the leading options exchanges in the world. ISE developed a
unique market structure for advanced screen-based trading systems
and in May 2000 launched the first fully electronic US options
exchange. The ISE Stock Exchange LLC will launch in the third
quarter of 2006 with strategic partners, offering an innovative
MidPoint Match platform, followed by a fully integrated displayed
Best Bid Offer (BBO) market in the fourth quarter. ISE is also a
majority owner of Longitude LLC, an innovative platform for events
markets trading, and offers enhanced market data products for
sophisticated investors. ISE continually enhances its trading
systems and develops new products, including index options and
market data, to provide investors with the best marketplace and
investment tools to trade smarter. For more information about ISE,
its options products and its technology, visit www.iseoptions.com
and for more information about the ISE Stock Exchange LLC, visit
www.isestock.com. Certain matters discussed in this press release
are "forward looking statements" intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These statements relate to future
events or our future financial performance, and involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, levels of activity, performance or achievements, to
be materially different from those contemplated by the forward
looking statements. We undertake no ongoing obligation, other than
that imposed by law, to update these statements. Factors that could
affect our results, levels of activity, performance or achievements
and cause them to materially differ from those contained in the
forward looking statements can be found in our filings with the
Securities and Exchange Commission, including our annual report on
Form 10-K, current reports on Form 8-K and quarterly reports on
Form 10-Q.
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