- Average daily volume in February 2011 up 1.9% over February 2010.
- Dividend trades made up 4.2% of industry volume in February 2011.
- ISE is third largest equity options exchange in February with market share of 19.0%, excluding dividend trades.
The International Securities Exchange (ISE) today reported average daily volume of 3.2 million contracts in February 2011, an increase of 1.9% over February 2010. Total options volume for the month was 61.0 million contracts. ISE was the third-largest U.S. equity options exchange in February with market share of 19.0%*. Business highlights for the month of February include:
- On February 28, 2011, ISE launched the Qualified Contingent Cross (QCC) order type. ISE's members can now cross tied-to-stock options orders of 1,000 contracts or more on ISE's market with a guaranteed execution as long as the order is priced at or better than the National Best Bid or Offer (NBBO) and does not trade in front of resting customer orders.
- Aggregate assets under management for ETFs based on ISE's proprietary indexes was $1.2 billion as of February 28, 2011.
Detailed volume statistics are found in the tables below:
Total Options Volume (Equity, ETF, Index and FX Options)
|
Current Month
|
Year-to-Date
|
(000s) |
Feb-11
|
Feb-10
|
% Change
|
Feb-11
|
Feb-10
|
% Change
|
ISE Average Daily Volume
|
3,208.5
|
3,149.5
|
1.9%
|
3,259.2
|
3,449.4
|
-5.5%
|
ISE Total Volume
|
60,962.0
|
59,840.6
|
1.9%
|
127,109.7
|
131,075.7
|
-3.0%
|
|
Equity and ETF Options Volume Statistics
|
Current Month
|
Year-to-Date
|
(000s)
|
Feb-11
|
Feb-10
|
% Change
|
Feb-11
|
Feb-10
|
% Change
|
ISE Average Daily Volume
|
3,171.5
|
3,107.8
|
2.0%
|
3,223.5
|
3,408.0
|
-5.4%
|
ISE Total Volume
|
60,259.4
|
59,048.9
|
2.0%
|
125,717.4
|
129,502.7
|
-2.9%
|
Market Share*
|
19.0%
|
25.4%
|
(6.4) pts
|
19.2%
|
25.5%
|
(6.3) pts
|
|
Index Options Volume Statistics
|
Current Month
|
Year-to-Date
|
(000s)
|
Feb-11
|
Feb-10
|
% Change
|
Feb-11
|
Feb-10
|
% Change
|
ISE Average Daily Volume
|
36.7
|
40.1
|
-8.5%
|
35.4
|
40.4
|
-12.4%
|
ISE Total Volume
|
697.2
|
762.7
|
-8.6%
|
1,380.9
|
1,534.8
|
-10.0%
|
|
ISE FX Options® Volume Statistics
|
Current Month
|
Year-to-Date
|
(000s) |
Feb-11
|
Feb-10
|
% Change
|
Feb-11
|
Feb-10
|
% Change
|
ISE Average Daily Volume
|
0.3
|
1.5
|
-80.0%
|
0.3
|
1.0
|
-70.0%
|
ISE Total Volume
|
5.4
|
29.0
|
-81.4%
|
11.4
|
38.2
|
-70.2%
|
|
*ISE does not include dividend trade volume in market share statistics. ISE's market share statistics continue to be negatively impacted by dividend trade strategies that are permitted based on a non-economic rationale, inflate and distort trading volume and market share when transacted. Exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in our business. For ISE's whitepaper on dividend trades and their impact on the options industry, please visit www.ise.com/dividendtrades.
Dividend Trade Impact on Industry Market Share**
February 2011 (000s)
|
Equity Options Volume Excluding Dividend Trades
|
Dividend Trade Volume
|
Total Reported Equity Options Volume
|
True Market Share
|
Market Share With Dividend Trades
|
Market Share Difference
|
Dividend Trades as % of Equity Options Volume
|
CBOE
|
71,081.6
|
165.5
|
71,247.1
|
22.4%
|
21.5%
|
0.9 pts
|
0.2%
|
PHLX
|
64,696.8
|
12,708.0
|
77,404.8
|
20.4%
|
23.3%
|
(2.9) pts
|
16.4%
|
ISE
|
60,259.4
|
0.0
|
60,259.4
|
19.0%
|
18.2%
|
0.8 pts
|
0.0%
|
NYSE AMEX
|
47,218.9
|
140.4
|
47,359.3
|
14.9%
|
14.3%
|
0.6 pts
|
0.3%
|
NYSE ARCA
|
37,648.3
|
954.7
|
38,603.0
|
11.8%
|
11.6%
|
0.2 pts
|
2.5%
|
NOM
|
17,567.3
|
0.0
|
17,567.3
|
5.5%
|
5.3%
|
0.2 pts
|
0.0%
|
BOX
|
9,670.1
|
0.0
|
9,670.1
|
3.0%
|
2.9%
|
0.1 pts
|
0.0%
|
BATS
|
7,024.6
|
0.0
|
7,024.6
|
2.2%
|
2.1%
|
0.1 pts
|
0.0%
|
C2
|
2,826.7
|
0.0
|
2,826.7
|
0.9%
|
0.9%
|
0.0 pts
|
0.0%
|
|
**This calculation is based on in-the-money call options with a premium of $0.50 or more, and with trades greater than 1,000 contracts. Only trades with the closest expiration are considered. Exchanges without fee caps are excluded. This dividend trade volume information is presented for informational purposes only. It is provided on an "as is" basis, without warranty of any kind. ISE does not guarantee its accuracy or completeness, and ISE accepts no responsibility for any errors or omissions in, or the consequence of relying or acting upon, this information. 2010 YTD data only is only available from June 2010 onwards.