*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, and 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 2012 (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 |
71,667.2 |
307.8 |
71,974.9 |
24.1% |
22.3% |
1.8 pts
|
0.4% |
ISE |
53,000.0 |
0.0 |
53,000.0 |
17.8% |
16.4% |
1.4 pts
|
0.0% |
PHLX |
50,261.5 |
20,829.5 |
71,091.0 |
16.9% |
22.0% |
(5.1) pts
|
29.3% |
AMEX |
47,168.0 |
270.9 |
47,439.0 |
15.9% |
14.7% |
1.2 pts
|
0.6% |
ARCA |
30,163.6 |
4,594.2 |
34,757.8 |
10.2% |
10.8% |
(0.6) pts
|
13.2% |
NSDQ |
17,228.9 |
0.0 |
17,228.9 |
5.8% |
5.3% |
0.5 pts
|
0.0% |
BOX |
13,104.9 |
0.0 |
13,104.9 |
4.4% |
4.1% |
0.3 pts
|
0.0% |
BATS |
9,970.9 |
0.0 |
9,970.9 |
3.4% |
3.1% |
0.3 pts
|
0.0% |
C2 |
4,726.0 |
0.0 |
4,726.0 |
1.6% |
1.5% |
0.1 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.
|