ISE Reports Monthly Volume for November 2006.

Average Daily Volume of 2.5 Million Contracts, Up 22.2% from November 2005

NEW YORK -- The International Securities Exchange (NYSE:ISE) today reported that average daily trading volume for equity and index options contracts for November 2006 increased 22.2% to 2.5 million contracts as compared to 2.1 million contracts during the same period in 2005. Total equity and index options volume for the month increased 22.2% to 52.7 million contracts from 43.1 million contracts in the same year-ago period.

On a year-to-date basis, average daily trading volume of equity and index options increased 33.5% to 2.4 million contracts traded as compared to 1.8 million contracts traded in the prior year. Total year-to-date equity and index volume through November 2006 increased 33.5% to 548.8 million contracts from 411.0 million contracts in the same period last year.

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Dividend Trade Activity

Our market share statistics continue to be negatively impacted by trading activity related to dividend trades among certain options market makers. These trades temporarily inflate and distort trading volume and market share when transacted. If the volume from the largest dividend trades were excluded from the data, our market share of equity options for the month of November would increase to 32.6% from 30.9%, an increase of 1.7 market share points.

On a year-to-date basis, our market share would increase to 33.1% from 32.0%, an increase of 1.1 market share points, if the volume from the largest dividend trades were excluded. The exclusion of dividend trades from total industry volume data presents a more relevant measure of the relative trends in our business.

Monthly Highlights

* ISE was the largest U.S. equity options exchange in November.

* On November 2, 2006, ISE announced that it filed a complaint in the United States District Court for the Southern District of New York seeking to end the exclusive listing of certain index options. ISE has asked the District Court to issue a declaratory judgment holding that ISE does not need a license to list index options on the Dow Jones Industrial Average (Ticker: DJX) and S&P 500 Index (Ticker: SPX). Currently, these two actively-traded index options trade exclusively on the Chicago Board Options Exchange (CBOE) pursuant to licensing agreements between CBOE and Dow Jones & Company, the provider of the Dow Jones Industrial Average, and The McGraw-Hill Companies, Inc., the provider of the S&P 500 Index.

* On November 9, 2006, ISE declared a quarterly dividend of $0.05 per outstanding share of its Class A Common Stock, payable on December 29, 2006 to holders of record as of the close of business on December 22, 2006.

* On November 20, 2006, ISE began disseminating the underlying rates for ISE FX Options[TM], its foreign currency options product scheduled for launch in 2007, pending regulatory approval. Rates are now available for the four currency pairs that ISE will initially list: USD/EUR (Symbol: EUI), USD/GBP (Symbol: BPX), USD/JPY (Symbol: YUK), and USD/CAD (Symbol: CDD).

* On November 27, 2006, ISE announced that the ISE Stock Exchange will introduce its fully-displayed stock market on Friday, December 8, 2006.

* Average daily trading volume in ISE's Second Market for options has grown to approximately 35,000 contracts since its launch on October 16, 2006. Second Market symbols now trade an aggregate of 55% more volume across all exchanges than in the three months prior to ISE listing these names.

* ISE traded more volume than any other options exchange in 768 of 1291 issues in its listings.

ISE Background

International Securities Exchange Holdings, Inc. (NYSE: ISE), through its subsidiaries, operates a family of innovative securities markets. ISE is founded on the principle that technology and competition create better, more efficient markets for investors and consists of an options exchange, a stock exchange and an alternative markets platform. ISE continually enhances its trading systems and develops new products to provide investors with the best marketplace and investment tools to trade smarter.

ISE developed a unique market structure for advanced screen-based trading systems and in May 2000 launched the first fully-electronic US options exchange. Currently, ISE operates the largest U.S. equity options exchange and is among the leading options exchanges in the world. ISE offers index options, including a portfolio of proprietary index products, and enhanced market data products for sophisticated investors. ISE FX Options[TM] are slated to launch in 2007.

ISE Stock Exchange, launched in September 2006 with strategic partners, includes an innovative MidPoint Match[TM] platform which offers investors continuous price improvement. It is expected that MidPoint Match will be integrated with a fully-displayed Best Bid Offer market in the fourth quarter of 2006.

ISE's alternative markets business currently consists of an events market trading platform known as Longitude. Longitude's patented and proprietary technology provides a unique pari-mutuel structure for derivatives auctions which results in greater trading and pricing flexibility for market participants.

For more information about ISE and its options exchange, visit www.iseoptions.com and for more information about ISE Stock Exchange, visit www.isestock.com. Additionally, to learn more about ISE alternative markets technology, visit www.longitude.com.

Certain matters discussed in this press release are "forward looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements, to be materially different from those contemplated by the forward looking statements. We undertake no ongoing obligation, other than that imposed by law, to update these statements. Factors that could affect our results, levels of activity, performance or achievements and cause them to materially differ from those contained in the forward looking statements can be found in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, current reports on Form 8-K and quarterly reports on Form 10-Q.