The all-electronic International Securities Exchange (ISE) has had a landmark year. It continued to increase its equity options market share in the US, so much so that by February it officially became the largest US options exchange by volume traded. And its latest volume figures (see figure) show that it is pulling even further ahead of its biggest rival, the Chicago Board Options Exchange (CBOE).
But New York-based ISE’s success in 2003 is not just a story of increased volumes. It