ISE Stock Exchange Rolls Out S&P 1500 in Fully-Displayed Market.

Triple order exposure available for these securities

NEW YORK -- The International Securities Exchange (NYSE: ISE) announced today that the ISE Stock Exchange has successfully added all of the securities that comprise the S&P 1500 to its fully-displayed stock market. The ISE Stock Exchange's displayed market is integrated with its non-displayed MidPoint Match[TM] platform, providing enhanced functionality and the opportunity for continuous price improvement for trading in names that make up the S&P 500, S&P MidCap 400, and S&P SmallCap 600. Additionally, the ISE Stock Exchange now offers full route-out capabilities to prevent trade-throughs.

"The addition of the stocks that comprise the S&P 1500 to our fully-displayed stock market is an important milestone in our active rollout schedule," said Andrew Brenner, head of the ISE Stock Exchange. "Over the next few weeks, we will aggressively add listings so that we are trading approximately 6,000 National Market System securities in both our displayed and non-displayed markets with a target completion date of early February."

Orders sent to the ISE Stock Exchange's fully-displayed market benefit from three levels of order protection. First, they receive exposure to the non-displayed MidPoint Match order book and may be automatically executed with price improvement. If no match is found, orders will either be executed against the displayed market order book or rest on ISE's visible order book. If necessary, orders will be routed out to achieve the best price. The ISE Stock Exchange is now a fully Reg NMS compliant, completely automated market place that offers high-speed order execution capabilities, a competitive pricing structure, and neutral access rules.

Additional information is available at www.isestock.com.

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. MidPoint Match was integrated with a fully-displayed Best Bid Offer market in December 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 parimutuel 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.

Forward Looking Statements

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, as amended.