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OIC Announces New Equity Options Volume Record For June Equity Open Interest Reaches New High

Chicago—July 2, 2002

The Options Industry Council (OIC) announced today that June equity options volume was the highest June on record with 59,052,332 contracts (26,815,607 puts and 32,236,725 calls). Additionally, June equity options volume increased by 6.18 percent over June 2001 with 55,611,449 contracts (21,857,058 puts and 33,754,391 calls).

Average daily equity volume for June rose 11.49 percent to 2,952,617 contracts as compared to 2,648,164 contracts in 2001. The highest trading day in June occurred on June 12, when 3,740,666 contracts traded. Year-to-date equity options volume is 352,340,015 contracts vs. 390,145,359 contracts in 2001.

"Traditionally, options trading during the summer months is quiet - but not so far this year. It's encouraging to see that volume is high and investors are utilizing options as both a risk management tool for uncertain markets and a long-term investment vehicle," said Paul Stevens, President of OIC.

June month-end equity open interest of 82,503,678 contracts rose 8.92 percent from 75,742,279 contracts in June 2001. Year-to-date, June represents the highest month-end for equity open interest. At its highest point on June 21, equity open interest stood at 92,968,060 contracts.

Equity open interest, the total number of options contracts not yet exercised or allowed to expire, is seen as an indication of longer-term investing in these instruments.

About OIC

OIC is a non-profit association funded by the American Stock Exchange, Chicago Board Options Exchange, International Securities Exchange, Pacific Exchange, Philadelphia Stock Exchange and The Options Clearing Corporation. In 2002, OIC is celebrating its 10-year anniversary of providing investors and brokers options education. OIC's resources include: The Options Industry Services call center at 1-888-OPTIONS, an educational Web site at www.888options.com, evening seminars throughout the continental United States and Canada, instructional videos and educational literature and software.

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