OIC Announces 5.7 Increase In October Volume Equity open interest surpasses 100 million mark

Chicago—November 5, 2002

The Options Industry Council (OIC) announced today that October equity options volume was 70,266,228 contracts (30,165,139 puts and 40,101,089 calls), a 5.7 percent increase over the 66,446,907 contracts (26,405,929 puts and 40,040,978 calls) in October 2001. For the fifth consecutive month, month-end equity options volume has surpassed the previous year's levels.

Equity open interest reached the 100 million-mark for the first time in October. On Oct. 15, equity open interest hit a new record-breaking one-day high with 99,267,981 contracts, beginning a four-day run of new records that peaked at 101,926,163 contracts on Oct. 18. The previous single day high for equity open interest occurred on Sept. 20 with 98,526,937 contracts.

October month-end equity open interest also set a new record with 92,923,852 contracts. The previous record was set in August with 89,797,749 contracts.

Equity open interest is the total number of options contracts not yet exercised or allowed to expire.

"The continued growth in equity options volume and equity open interest indicates that the options are being utilized as both a risk management tool and a long-term investment vehicle," said Paul Stevens, President, OIC. "Investors are seeing the value of options as a versatile investment product."

Average daily equity options volume for October was 3,055,053 contracts, a 5.7 percent increase over 2,888,996 contracts in October 2001. The highest trading day for equity options volume occurred on Oct.15 when 4,495,249 contracts traded.

Year-to-date equity options volume is 602,417,995 contracts vs. 613,510,909 contracts during the same time period in 2001.

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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