The International Securities Exchange (NYSE:ISE) today reported
that average daily trading volume for equity and index options
contracts for November 2006 increased 22.2% to 2.5 million
contracts as compared to 2.1 million contracts during the same
period in 2005. Total equity and index options volume for the month
increased 22.2% to 52.7 million contracts from 43.1 million
contracts in the same year-ago period. On a year-to-date basis,
average daily trading volume of equity and index options increased
33.5% to 2.4 million contracts traded as compared to 1.8 million
contracts traded in the prior year. Total year-to-date equity and
index volume through November 2006 increased 33.5% to 548.8 million
contracts from 411.0 million contracts in the same period last
year. Equity and Index Options Volume Statistics Current Month
Year-to-Date (000s) Nov-06 Nov-05 % Change� Nov-06 Nov-05 % Change�
ISE Average Daily Volume 2,510.2� 2,053.8� 22.2% 2,375.7� 1,779.1�
33.5% ISE Total Volume 52,714.5� 43,129.2� 22.2% 548,793.5�
410,964.8� 33.5% Industry Average Daily Volume 8,805.5� 7,107.9�
23.9% 8,042.6� 5,917.0� 35.9% Market Share 28.5% 28.9% (0.4) pts
29.5% 30.1% (0.6) pts Market Share: Customer 30.3% 30.3% 0 pts
30.1% 30.3% (0.2) pts Market Share: Firm 23.4% 22.5% 0.9 pts 25.5%
22.4% 3.1 pts Market Share: Market Maker 28.7% 29.4% (0.7) pts
30.3% 31.9% (1.6) pts � Equity Options Volume Statistics Current
Month Year-to-Date (000s) Nov-06 Nov-05 % Change� Nov-06 Nov-05 %
Change� ISE Average Daily Volume 2,475.4� 2,029.3� 22.0% 2,342.8�
1,761.7� 33.0% ISE Total Volume 51,982.8� 42,615.7� 22.0%
541,179.3� 406,952.3� 33.0% Industry Average Daily Volume 8,020.6�
6,485.6� 23.7% 7,311.8� 5,381.3� 35.9% Market Share 30.9% 31.3%
(0.4) pts 32.0% 32.7% (0.7) pts Market Share: Customer 32.7% 32.8%
(0.1) pts 32.4% 32.7% (0.3) pts Market Share: Firm 25.9% 25.0% 0.9
pts 28.3% 25.1% 3.2 pts Market Share: Market Maker 31.0% 31.7%
(0.7) pts 32.9% 34.8% (1.9) pts � Index Options Volume Statistics
Current Month Year-to-Date (000s) Nov-06 Nov-05 % Change� Nov-06
Nov-05 % Change� ISE Average Daily Volume 34.8� 24.5� 42.5% 33.0�
17.4� 89.8% ISE Total Volume 731.7� 513.5� 42.5% 7,614.2� 4,012.5�
89.8% Industry Average Daily Volume 784.9� 622.3� 26.1% 730.8�
535.6� 36.4% Market Share 4.4% 3.9% 0.5 pts 4.5% 3.2% 1.3 pts
Dividend Trade Activity Our market share statistics continue 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 November would increase to 32.6% from 30.9%, an increase
of 1.7 market share points. On a year-to-date basis, our market
share would increase to 33.1% from 32.0%, 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. Monthly Highlights ISE was the largest U.S. equity
options exchange in November. On November 2, 2006, ISE announced
that it filed a complaint in the United States District Court for
the Southern District of New York seeking to end the exclusive
listing of certain index options. ISE has asked the District Court
to issue a declaratory judgment holding that ISE does not need a
license to list index options on the Dow Jones Industrial Average
(Ticker: DJX) and S&P 500 Index (Ticker: SPX). Currently, these
two actively-traded index options trade exclusively on the Chicago
Board Options Exchange (CBOE) pursuant to licensing agreements
between CBOE and Dow Jones & Company, the provider of the Dow
Jones Industrial Average, and The McGraw-Hill Companies, Inc., the
provider of the S&P 500 Index. On November 9, 2006, ISE
declared a quarterly dividend of $0.05 per outstanding share of its
Class A Common Stock, payable on December 29, 2006 to holders of
record as of the close of business on December 22, 2006. On
November 20, 2006, ISE began disseminating the underlying rates for
ISE FX Options�, its foreign currency options product scheduled for
launch in 2007, pending regulatory approval. Rates are now
available for the four currency pairs that ISE will initially list:
USD/EUR (Symbol: EUI), USD/GBP (Symbol: BPX), USD/JPY (Symbol:
YUK), and USD/CAD (Symbol: CDD). On November 27, 2006, ISE
announced that the ISE Stock Exchange will introduce its
fully-displayed stock market on Friday, December 8, 2006. Average
daily trading volume in ISE�s Second Market for options has grown
to approximately 35,000 contracts since its launch on October 16,
2006. Second Market symbols now trade an aggregate of 55% more
volume across all exchanges than in the three months prior to ISE
listing these names. ISE traded more volume than any other options
exchange in 768 of 1291 issues in its listings. ISE Background
International Securities Exchange Holdings, Inc. (NYSE: ISE),
through its subsidiaries, operates a family of innovative
securities markets. ISE is founded on the principle that technology
and competition create better, more efficient markets for investors
and consists of an options exchange, a stock exchange and an
alternative markets platform. ISE continually enhances its trading
systems and develops new products to provide investors with the
best marketplace and investment tools to trade smarter. ISE
developed a unique market structure for advanced screen-based
trading systems and in May 2000 launched the first fully-electronic
US options exchange. Currently, ISE operates the largest U.S.
equity options exchange and is among the leading options exchanges
in the world. ISE offers index options, including a portfolio of
proprietary index products, and enhanced market data products for
sophisticated investors. ISE FX Options� are slated to launch in
2007. ISE Stock Exchange, launched in September 2006 with strategic
partners, includes an innovative MidPoint Match� platform which
offers investors continuous price improvement. It is expected that
MidPoint Match will be integrated with a fully-displayed Best Bid
Offer market in the fourth quarter of 2006. ISE�s alternative
markets business currently consists of an events market trading
platform known as Longitude. Longitude�s patented and proprietary
technology provides a unique pari-mutuel structure for derivatives
auctions which results in greater trading and pricing flexibility
for market participants. For more information about ISE and its
options exchange, visit www.iseoptions.com and for more information
about ISE Stock Exchange, visit www.isestock.com. Additionally, to
learn more about ISE alternative markets technology, visit
www.longitude.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. The International Securities Exchange (NYSE:ISE) today
reported that average daily trading volume for equity and index
options contracts for November 2006 increased 22.2% to 2.5 million
contracts as compared to 2.1 million contracts during the same
period in 2005. Total equity and index options volume for the month
increased 22.2% to 52.7 million contracts from 43.1 million
contracts in the same year-ago period. On a year-to-date basis,
average daily trading volume of equity and index options increased
33.5% to 2.4 million contracts traded as compared to 1.8 million
contracts traded in the prior year. Total year-to-date equity and
index volume through November 2006 increased 33.5% to 548.8 million
contracts from 411.0 million contracts in the same period last
year. -0- *T Equity and Index Options Volume Statistics
----------------------------------------------------------------------
Current Month Year-to-Date (000s) Nov-06 Nov-05 % Change Nov-06
Nov-05 % Change
----------------------------------------------------------------------
ISE Average Daily Volume 2,510.2 2,053.8 22.2% 2,375.7 1,779.1
33.5% ISE Total Volume 52,714.5 43,129.2 22.2% 548,793.5 410,964.8
33.5% Industry Average Daily Volume 8,805.5 7,107.9 23.9% 8,042.6
5,917.0 35.9% Market Share 28.5% 28.9% (0.4) pts 29.5% 30.1% (0.6)
pts
----------------------------------------------------------------------
Market Share: Customer 30.3% 30.3% 0 pts 30.1% 30.3% (0.2) pts
Market Share: Firm 23.4% 22.5% 0.9 pts 25.5% 22.4% 3.1 pts Market
Share: Market Maker 28.7% 29.4% (0.7) pts 30.3% 31.9% (1.6) pts
----------------------------------------------------------------------
Equity Options Volume Statistics
----------------------------------------------------------------------
Current Month Year-to-Date (000s) Nov-06 Nov-05 % Change Nov-06
Nov-05 % Change
----------------------------------------------------------------------
ISE Average Daily Volume 2,475.4 2,029.3 22.0% 2,342.8 1,761.7
33.0% ISE Total Volume 51,982.8 42,615.7 22.0% 541,179.3 406,952.3
33.0% Industry Average Daily Volume 8,020.6 6,485.6 23.7% 7,311.8
5,381.3 35.9% Market Share 30.9% 31.3% (0.4) pts 32.0% 32.7% (0.7)
pts
----------------------------------------------------------------------
Market Share: Customer 32.7% 32.8% (0.1) pts 32.4% 32.7% (0.3) pts
Market Share: Firm 25.9% 25.0% 0.9 pts 28.3% 25.1% 3.2 pts Market
Share: Market Maker 31.0% 31.7% (0.7) pts 32.9% 34.8% (1.9) pts
----------------------------------------------------------------------
Index Options Volume Statistics
----------------------------------------------------------------------
Current Month Year-to-Date (000s) Nov-06 Nov-05 % Change Nov-06
Nov-05 % Change
----------------------------------------------------------------------
ISE Average Daily Volume 34.8 24.5 42.5% 33.0 17.4 89.8% ISE Total
Volume 731.7 513.5 42.5% 7,614.2 4,012.5 89.8% Industry Average
Daily Volume 784.9 622.3 26.1% 730.8 535.6 36.4% Market Share 4.4%
3.9% 0.5 pts 4.5% 3.2% 1.3 pts
----------------------------------------------------------------------
*T Dividend Trade Activity Our market share statistics continue 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 November would increase to 32.6% from 30.9%, an
increase of 1.7 market share points. On a year-to-date basis, our
market share would increase to 33.1% from 32.0%, 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. Monthly Highlights -- ISE was the largest U.S.
equity options exchange in November. -- On November 2, 2006, ISE
announced that it filed a complaint in the United States District
Court for the Southern District of New York seeking to end the
exclusive listing of certain index options. ISE has asked the
District Court to issue a declaratory judgment holding that ISE
does not need a license to list index options on the Dow Jones
Industrial Average (Ticker: DJX) and S&P 500 Index (Ticker:
SPX). Currently, these two actively-traded index options trade
exclusively on the Chicago Board Options Exchange (CBOE) pursuant
to licensing agreements between CBOE and Dow Jones & Company,
the provider of the Dow Jones Industrial Average, and The
McGraw-Hill Companies, Inc., the provider of the S&P 500 Index.
-- On November 9, 2006, ISE declared a quarterly dividend of $0.05
per outstanding share of its Class A Common Stock, payable on
December 29, 2006 to holders of record as of the close of business
on December 22, 2006. -- On November 20, 2006, ISE began
disseminating the underlying rates for ISE FX Options(TM), its
foreign currency options product scheduled for launch in 2007,
pending regulatory approval. Rates are now available for the four
currency pairs that ISE will initially list: USD/EUR (Symbol: EUI),
USD/GBP (Symbol: BPX), USD/JPY (Symbol: YUK), and USD/CAD (Symbol:
CDD). -- On November 27, 2006, ISE announced that the ISE Stock
Exchange will introduce its fully-displayed stock market on Friday,
December 8, 2006. -- Average daily trading volume in ISE's Second
Market for options has grown to approximately 35,000 contracts
since its launch on October 16, 2006. Second Market symbols now
trade an aggregate of 55% more volume across all exchanges than in
the three months prior to ISE listing these names. -- ISE traded
more volume than any other options exchange in 768 of 1291 issues
in its listings. ISE Background International Securities Exchange
Holdings, Inc. (NYSE: ISE), through its subsidiaries, operates a
family of innovative securities markets. ISE is founded on the
principle that technology and competition create better, more
efficient markets for investors and consists of an options
exchange, a stock exchange and an alternative markets platform. ISE
continually enhances its trading systems and develops new products
to provide investors with the best marketplace and investment tools
to trade smarter. ISE developed a unique market structure for
advanced screen-based trading systems and in May 2000 launched the
first fully-electronic US options exchange. Currently, ISE operates
the largest U.S. equity options exchange and is among the leading
options exchanges in the world. ISE offers index options, including
a portfolio of proprietary index products, and enhanced market data
products for sophisticated investors. ISE FX Options(TM) are slated
to launch in 2007. ISE Stock Exchange, launched in September 2006
with strategic partners, includes an innovative MidPoint Match(TM)
platform which offers investors continuous price improvement. It is
expected that MidPoint Match will be integrated with a
fully-displayed Best Bid Offer market in the fourth quarter of
2006. ISE's alternative markets business currently consists of an
events market trading platform known as Longitude. Longitude's
patented and proprietary technology provides a unique pari-mutuel
structure for derivatives auctions which results in greater trading
and pricing flexibility for market participants. For more
information about ISE and its options exchange, visit
www.iseoptions.com and for more information about ISE Stock
Exchange, visit www.isestock.com. Additionally, to learn more about
ISE alternative markets technology, visit www.longitude.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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