Intntl Sec Exchange (NYSE:ISE)
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The International Securities Exchange (NYSE:ISE) today reported that
average daily trading volume for equity and index options contracts for
July 2007 increased 55.8% to a record 3.6 million contracts as compared
to 2.3 million contracts during the same period in 2006. Average daily
trading volume in equity options contracts increased 54.4% to a record
3.5 million contracts for the month. Average daily trading volume in
index options contracts also reached a record 0.1 million contracts per
day, an increase of 155.0% over the same period last year. Total
equity and index options volume for the month increased 63.6% to a
record 75.1 million contracts from 45.9 million contracts in the same
year-ago period.
On a year-to-date basis, average daily trading volume of equity and
index options increased 23.8% to 2.9 million contracts traded as
compared to 2.4 million contracts traded in the prior year. Total
year-to-date equity and index volume through July 2007 increased 23.8%
to 427.5 million contracts from 345.4 million contracts in the same
period last year.
Equity and Index Options Volume Statistics
Current Month
Year-to-Date
(000s)
Jul-07
Jul-06
% Change
Jul-07
Jul-06
% Change
ISE Average Daily Volume
3,575.7
2,295.0
55.8%
2,948.4
2,382.2
23.8%
ISE Total Volume
75,089.1
45,900.0
63.6%
427,524.2
345,420.3
23.8%
Industry Average Daily Volume
12,660.4
7,730.7
63.8%
10,518.4
8,015.6
31.2%
Market Share
28.2%
29.7%
(1.5) pts
28.0%
29.7%
(1.7) pts
Market Share: Customer
28.8%
28.9%
(0.1) pts
29.3%
30.4%
(1.1) pts
Market Share: Firm
28.2%
26.7%
1.5 pts
25.7%
25.8%
(0.1) pts
Market Share: Market Maker
27.7%
31.3%
(3.6) pts
27.7%
30.3%
(2.6) pts
Equity Options Volume Statistics
Current Month
Year-to-Date
(000s)
Jul-07
Jul-06
% Change
Jul-07
Jul-06
% Change
ISE Average Daily Volume
3,494.5
2,263.2
54.4%
2,896.3
2,350.3
23.2%
ISE Total Volume
73,384.1
45,263.2
62.1%
419,959.2
340,789.8
23.2%
Industry Average Daily Volume
11,459.8
6,979.2
64.2%
9,505.1
7,283.3
30.5%
Market Share
30.5%
32.4%
(1.9) pts
30.5%
32.3%
(1.8) pts
Market Share: Customer
31.0%
31.4%
(0.4) pts
31.8%
32.7%
(0.9) pts
Market Share: Firm
31.0%
29.7%
1.3 pts
28.3%
28.8%
(0.5) pts
Market Share: Market Maker
29.8%
34.3%
(4.5) pts
30.0%
32.9%
(2.9) pts
Index Options Volume Statistics
Current Month
Year-to-Date
(000s)
Jul-07
Jul-06
% Change
Jul-07
Jul-06
% Change
ISE Average Daily Volume
81.2
31.8
155.0%
52.2
31.9
63.4%
ISE Total Volume
1,705.0
636.8
167.8%
7,565.0
4,630.5
63.4%
Industry Average Daily Volume
1,197.8
750.9
59.5%
1,011.8
731.8
38.3%
Market Share
6.8%
4.2%
2.6 pts
5.2%
4.4%
0.8 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 July would increase to 30.7% from 30.5%, an increase of
0.2 market share points.
On a year-to-date basis, our market share would increase to 31.3% from
30.5%, an increase of 0.8 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 July.
On July 18, 2007, ISE announced the launch of a newly redesigned
corporate website, www.ise.com. The
site features a simplified user interface along with enhanced content
and functionality providing up-to-date information and data on ISE's
options exchange, stock exchange, alternative markets platform, and
market data business.
On July 26, 2007, ISE set a record for daily trading volume of
6,226,821 equity and index options contracts, surpassing the
previous record of 5,531,875 contracts set on February 27, 2007.
On July 27, 2007, the ISE Stock Exchange set a daily trading volume
record of 33,234,500 shares.
On July 27, 2007, ISE’s stockholders voted
to approve the merger agreement in which Eurex will acquire ISE. 99.7
percent of the stockholders who voted were in favor of the agreement.
More than 67 percent of eligible shares were voted. Under the terms of
the merger agreement announced on April 30, 2007, ISE stockholders
will receive $67.50 in cash for each ISE share held.
ISE traded more volume than any other options exchange in 966 of 1,787
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 OptionsSM launched in the
second quarter of 2007.
ISE Stock Exchange, launched in September 2006, is a completely
electronic marketplace and the only dual structure platform that
integrates a dark pool, MidPoint MatchSM, with a
fully displayed stock market. Midpoint Match is a proprietary,
non-displayed market that trades equity securities at the midpoint
between the National Best Bid and Offer (NBBO).
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 parimutuel structure for derivatives
auctions which results in greater trading and pricing flexibility for
market participants.
For more information about ISE, visit www.ise.com.