International Securities Exchange Rolls Out PrecISE TradeTM; New Front-End Trading Application.

NEW YORK -- The International Securities Exchange (NYSE:ISE) announced today that it has rolled out PrecISE Trade(TM), its new front-end trading application for broker-dealers to access ISE's markets. PrecISE offers users a lighter application with reduced bandwidth requirements and a faster, flexible trading interface that provides greater capacity to support future enhancements.

PrecISE will provide users with a straightforward means to enter Facilitation of Spreads and Facilitation of Tied to Stock orders. Additionally, PrecISE now has market data embedded in order tickets, new pricing fields for delta neutral orders, new complex order book filters, and market statistics. Other enhancements include a redesigned trade blotter and trade statistics window, Microsoft Excel exporting and printing functionality as well as online help. PrecISE also enables access to Away Market Routing to provide users with the ability to tap into liquidity on other options exchanges from a single workstation.

"We are pleased to provide our members with access to the latest technology to meet their options trading requirements," said Gary Katz, Chief Operating Officer. "PrecISE offers a fast and flexible way to support smarter trading across multiple markets through one interface."

PrecISE was developed internally by ISE's technology team to allow faster time to market and to meet customer demand for new front-end features to support existing trading protocols. Although currently providing front-end access for options trading only, PrecISE could be configured to support new ISE business opportunities, such as ISE Stock Exchange and Longitude.

All of the functionality currently incorporated within CLICK(TM) will be available in PrecISE including: Market and Limit Orders, Spreads, Buy-writes and Delta Neutral Orders, Block Orders, Facilitation Orders, Solicitation Orders, PIM Orders, Cabinet Orders, Stop Orders and Post-Trade Allocations.

ISE Background

The International Securities Exchange (ISE) is an innovative securities market, founded on the principle that technology and competition create better, more efficient markets for investors. ISE is the largest equity options exchange and is among the leading options exchanges in the world. ISE developed a unique market structure for advanced screen-based trading systems and in May 2000 launched the first fully electronic US options exchange. The ISE Stock Exchange LLC will launch in the third quarter of 2006 with strategic partners, offering an innovative MidPoint Match platform, followed by a fully integrated displayed Best Bid Offer (BBO) market in the fourth quarter. ISE is also a majority owner of Longitude LLC, an innovative platform for events markets trading, and offers enhanced market data products for sophisticated investors.

ISE continually enhances its trading systems and develops new products, including index options and market data, to provide investors with the best marketplace and investment tools to trade smarter. For more information about ISE, its options products and its technology, visit www.iseoptions.com and for more information about the ISE Stock Exchange LLC, visit www.isestock.com. For more information about PrecISE, contact Jeanine Hightower at [e-mail].

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.