OIC Announces 14.58% Increase In Third Quarter Volume September delivers five straight days of record equity open interest

Chicago—October 04, 2002

The Options Industry Council (OIC) announced today that third quarter equity options volume was 179,811,752 contracts, a 14.58 percent increase over the 156,918,643 contracts for third quarter 2001.

Equity open interest reached record highs for five consecutive days in September. Beginning on Sept. 16, equity open interest set a record high of 95,759,847 contracts, surpassing the previous record set on July 19 with 95,734,008 contracts. As the week continued, equity open interest climbed to record highs each day and completed the week on Sept. 20 with record equity open interest of 98,526,937 contracts. Month-end equity open interest for September was 89,038,517 contracts.

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

"We're encouraged by the continuous climb in open interest, which may be partially attributed to increased activity in LEAPS®. This indicates that investors have a more long-term interest in options," said Paul Stevens, President, OIC.

LEAPS® are long-term stock or index options. They are available in calls and puts with expiration dates of up to three years in the future.

Month-end equity options volume for September was 47,921,018 contracts (21,382,967 puts and 26,538,051 calls) vs. 47,087,042 (21,214,312 puts and 25,872,730 calls) contracts in September 2001, a 2 percent increase. The highest trading day for equity volume occurred on Sept. 20 when 3,163,504 contracts traded. Average daily equity volume for September was 2,396,051 contracts.

Year-to-date equity volume is 532,151,767 contracts vs. 547,064,002 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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