OIC Announces Record-Breaking June Equity Options Volume Year to date volume increases 8.4 percent

Chicago—July 7, 2003

The Options Industry Council (OIC) announced today that June equity options volume was the highest June on record with 75,302,094 contracts (29,177,920 puts and 46,124,174 calls), rising 27.5 percent vs. June 2002's record-breaking volume of 59,052,332 contracts (26,815,607 puts and 32,236,725 calls). June equity options volume was the highest month since July 2002 when 75,488,393 contracts traded and the second highest month on record.

June average daily equity options volume of 3,585,814 contracts set a new record, surpassing the previous one set in April 2001 with 3,525,531 contracts. June's average daily volume increased 21.4 percent over 2,952,617 contracts in June 2002. The highest trading day in June and the sixth highest trading day on record occurred on June 6, when 5,203,964 contracts traded.

Year to date equity options volume is 382,201,222 contracts vs. 352,340,015 contracts in 2002, representing an 8.4 percent increase.

"The climb toward higher options volume and equity open interest began in April and has continued for a third month," said Paul Stevens, President, OIC. "June's market movements encouraged investors to hedge their portfolios with options, leading to record-breaking activity."

In June, equity options open interest hit new single day highs. Beginning on June 10, open interest was 107,244,115 contracts, reaching a new high. It continued its climb, culminating on June 20 with 115,082,180 contracts. The previous record had been set on Dec. 20 with 106,856,665 contracts.

June month-end equity options open interest of 103,603,095 contracts rose 25.5 percent from 82,503,768 contracts in June 2002. This number also set a new month-end high for equity options open interest, surpassing the one set in May 2003 with 99,220,352 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. 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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