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
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.