OIC Announces August Volume Surpasses Previous Year Month-end equity open interest reaches new high

Chicago—September 5, 2002

The Options Industry Council (OIC) announced today that average daily equity options volume in August was 2,563,743 contracts, a 9.4 percent increase over 2,342,463 contracts traded in August 2001.

August month-end equity options volume reached 56,402,341 contracts (22,790,903 puts and 33,611,438 calls), a 4.6 percent increase over the 53,876,659 contracts (22,112,667 puts and 31,763,992 calls) traded in August 2001. The highest trading day for equity volume occurred on Aug. 16 when 3,789,957 contracts traded.

"The options marketplace had its busiest summer on record with off the charts volume and equity open interest," said Paul Stevens, President, OIC. "This growth in options volume mirrors the volatility of the stock market and exemplifies that options provide flexibility for investors in any market."

Month-end equity open interest for August reached a new high with 89,797,749 contracts. This surpasses the previous record set in July with 85,966,152 contracts and represents a 19.7 percent increase over month-end equity open interest of 74,988,630 contracts in August 2001. At its highest point on Aug. 16, equity open interest stood at 95,477,003 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.

Year-to-date equity volume is 484,230,749 contracts vs. 499,976,960 contracts in August 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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