David Krell
David Krell
absolute acceptance activity attention based combined continue customer driven equity exchange firm focus growth note number pleased remains success trading venue volume
We continue to focus our attention on absolute volume growth driven by Customer and Firm trading activity. Ultimately, the success of an exchange must be based on its acceptance by these two constituencies. I am pleased to note that ISE remains the number one venue for Customer and Firm combined trading activity in equity options.
again announced average business cash continued contracts core daily delivered double exceeded flow fueled growth income increase inherent last leverage million months net operating options performance policy post reflecting second share strong three virtue volume
We delivered another strong performance in the first three months of 2006 as our average daily volume exceeded two million contracts for the second consecutive quarter. The double digit growth in our core options business fueled a 40% increase in net income once again reflecting the operating leverage that is inherent in our business. We also continued to post strong cash flow which we now share with our stockholders by virtue of the implementation of the dividend policy that we announced last year.
business components continues core derivative embraced equity expand integral investment investors management options products rates risk
Our core business continues to expand at double-digit rates as equity options and other derivative products are increasingly embraced by investors as integral components of their investment and risk management strategies.
fact felt fully given market pass savings
I've always felt that, given the fact that we would be fully automated, we would be able to pass on the savings to our market makers.
catalyst gary vehicle
This whole idea didn't come from Gary and me -- we were the vehicle they used, ... and we said we are going to be the catalyst for change.
difficulty easy explain including starting
It's not easy starting an exchange. We've had to explain the difficulties to a lot of people, including some in Washington.
consumers exactly markets
When the markets get frothy they can disappear. When the markets are frothy is exactly when consumers need them.
anybody culture looked silicon valley weekends
We've got a Silicon Valley mentality, a startup feel, long days, weekends -- that's the culture we want to promote. We've never really looked at what anybody else was going to do.
easy heard
When they heard we wanted to do it with technology, it was an easy sell.
capital cover expenses funding initial necessary support
In total, the initial funding will cover the expenses and capital outlays necessary to support this business.