ISE Reports Monthly Volume for February 2006; Average Daily Volume of 2.4 Million Contracts, Up 38% from February 2005
March 01 2006 - 9:20AM
Business Wire
The International Securities Exchange, Inc. (NYSE:ISE) today
reported that average daily trading volume for equity and index
options contracts for February 2006 increased 37.9% to 2.4 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 37.9% to 44.8 million contracts from 32.5 million
contracts in the same year-ago period. On a year-to-date basis,
average daily trading volume of equity and index options increased
44.0% to 2.5 million contracts traded as compared to 1.8 million
contracts traded in the prior year. Total equity and index volume
through February 2006 increased 44.0% to 98.6 million contracts
from 68.5 million contracts in the same period last year. As was
the case in prior months, we witnessed trading activity among
options market makers on the Philadelphia Stock Exchange and
Pacific Exchange related to dividend trades whereby traders
continued to profit at the expense of investors who failed to
exercise their call options immediately prior to a stock going
ex-dividend. If the volume from the largest dividend trades were
excluded from the data, our market share of equity options for the
month of February would increase to 34.9% from 33.8%, an increase
of 1.1 market share points. On a year-to-date basis, our market
share would increase to 34.7% from 32.9%, an increase of 1.8 market
share points, when the volume from the largest dividend trades was
excluded. The exclusion of dividend trades from total industry
volume data presents a more relevant measure of the relative trends
in our business. -0- *T Equity and Index Options Volume Statistics
Current Month Year-to-Date % % (000s) Feb-06 Feb-05 Change Feb-06
Feb-05 Change
----------------------------------------------------------------------
ISE Average Daily Volume 2,356.3 1,709.2 37.9% 2,528.5 1,756.2
44.0% ISE Total Volume 44,770.2 32,474.5 37.9% 98,612.8 68,493.7
44.0% Industry Average Daily Volume 7,525.1 5,593.7 34.5% 8,234.8
5,736.4 43.6% Market Share 31.3% 30.6% 0.7 pts 30.7% 30.6% 0.1 pts
----------------------------------------------------------------------
ISE Market Share: Customer 32.4% 31.0% 1.4 pts 32.3% 30.9% 1.4 pts
ISE Market Share: Firm 27.1% 21.8% 5.3 pts 25.4% 20.4% 5.0 pts ISE
Market Share: Market Maker 31.5% 32.4% (0.9) pts 30.8% 33.0%
(2.2)pts
----------------------------------------------------------------------
Equity Options Volume Statistics Current Month Year-to-Date % %
(000s) Feb-06 Feb-05 Change Feb-06 Feb-05 Change
----------------------------------------------------------------------
ISE Average Daily Volume 2,329.3 1,705.6 36.6% 2,498.7 1,754.3
42.4% ISE Total Volume 44,257.1 32,406.8 36.6% 97,448.8 68,417.7
42.4% Industry Average Daily Volume 6,900.9 5,130.8 34.5% 7,587.4
5,275.5 43.8% Market Share 33.8% 33.2% 0.5 pts 32.9% 33.3% (0.3)pts
----------------------------------------------------------------------
ISE Market Share: Customer 34.7% 33.3% 1.4 pts 34.4% 33.2% 1.2 pts
ISE Market Share: Firm 30.2% 24.6% 5.6 pts 28.1% 22.9% 5.2 pts ISE
Market Share: Market Maker 33.9% 35.3% (1.4) pts 33.0% 35.8%
(2.8)pts
----------------------------------------------------------------------
Index Options Volume Statistics Current Month Year-to-Date % %
(000s) Feb-06 Feb-05 Change Feb-06 Feb-05 Change
----------------------------------------------------------------------
ISE Average Daily Volume 27.0 3.6 N/M 29.8 1.9 N/M ISE Total Volume
513.1 67.7 N/M 1,164.0 76.0 N/M Industry Average Daily Volume 624.3
462.9 34.8% 647.5 461.0 40.5% Market Share 4.3% 0.8% 3.5 pts 4.6%
0.4% 4.2 pts
----------------------------------------------------------------------
*T Monthly Highlights -- ISE was the largest U.S. equity options
exchange in February. -- ISE set a new record for the single
largest equity options transaction at the exchange when 165,000
Microsoft October 30 calls traded at $0.40 on February 23, 2006 by
one of its Electronic Access Members (EAM). -- ISE traded more
volume in 629 of 847 issues in its listings than any other options
exchange. ISE Background The International Securities Exchange, the
world's largest equity options exchange, was founded on the
principle that technology fosters and infuses new efficiencies and
operational innovations into securities trading. After developing
an innovative market structure that integrated auction market
principles into an advanced screen-based trading system, ISE
launched the first fully electronic US options exchange in May
2000. ISE continually enhances its trading systems to provide
investors with the best marketplace to execute their options
orders. For more information about ISE, its products and its
technology, visit www.iseoptions.com. This press release contains
"forward looking statements." 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 registration
statements on Form S-1, current reports on Form 8-K and quarterly
reports on Form 10-Q, as amended.
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