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ISE Reports Monthly Volume for November 2007.

Options Exchange Trades Record Average Daily Volume of 4.3 Million Contracts

NEW YORK -- The International Securities Exchange (NYSE:ISE) today reported that in November 2007, its options exchange traded a record average daily volume of 4.3 million contracts. The ISE Stock Exchange traded an average daily volume of 52.2 million shares in the same period.

Average daily trading volume for equity and index options contracts increased 70.8% to a record 4.3 million contracts in November as compared to 2.5 million contracts during the same period in 2006. Average daily trading volume in equity options reached a record 4.2 million contracts, an increase of 69.6% over last year, while average daily volume in index options increased 154.9% to 0.1 million contracts. Total equity and index options volume for the month increased 70.8% to 90.1 million contracts from 52.7 million contracts in the same year-ago period.

On a year-to-date basis, average daily trading volume of equity and index options increased 35.1% to 3.2 million contracts traded as compared to 2.4 million contracts traded in the prior year. Total year-to-date equity and index volume through November 2007 increased 35.1% to 741.6 million contracts from 548.8 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 31.7% from 31.2%, an increase of 0.5 market share points.

On a year-to-date basis, our market share would increase to 31.3% from 30.6%, an increase of 0.7 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

Options Exchange

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

* On November 6, 2007, ISE's Board of Directors formally elected a new Chairman and Chief Executive Officer, in accordance with the Company's executive succession plan announced earlier this year. David Krell, a co-founder of the Company, will retire from his position as ISE's President and Chief Executive Officer and will become Chairman effective January 1, 2008. The Board elected Gary Katz, also a co-founder and currently ISE's Chief Operating Officer, to serve as the Company's President and Chief Executive Officer. Mr. Katz will also join ISE's Board of Directors commensurate with his new position as Chief Executive Officer.

* On November 6, 2007, ISE's Board of Directors declared that in the event the merger with Eurex has not closed by December 31, 2007, a quarterly dividend of $0.05 per outstanding share of its Class A Common Stock will be paid on or about December 31, 2007 to holders of record as of the close of business on December 24, 2007.

* On November 8, 2007, ISE's options exchange set a new record daily trading volume of 6,920,132 equity and index options contracts, surpassing the previous record of 6,532,403 contracts traded on August 16, 2007.

* On November 13, 2007, ISE launched its ISE Open/Close Trade Profile, the latest offering in its suite of market data products. ISE Open/Close Trade Profile provides subscribers with aggregated volume and the number of trades by series for opening and closing transactions that are executed on ISE's options exchange. Categorized by customer, firm proprietary or firm broker/dealer account type, the offering includes over fifty data fields for all ISE-listed series.

* Open interest in ISE FX Options continues to grow and reached 304,516 contracts on November 30, 2007, surpassing open interest of 217,295 contracts at the end of October.

* ISE traded more volume than any other options exchange in 1,094 of 1,851 issues in its listings.

ISE Stock Exchange

* An average daily volume of 52.2 million shares traded on the ISE Stock Exchange in November.

* The ISE Stock Exchange offers opportunities for price improvement through its non-displayed liquidity pool, MidPoint Match(SM). Total price improvement in November 2007 was $4.9 million, and price improvement for all displayed market taker orders that interacted with MidPoint Match was greater than $0.01 per share.

ISE Background

International Securities Exchange Holdings, Inc. (NYSE: ISE), through its subsidiaries, operates a family of innovative securities markets. Founded on the principle that technology and competition create better, more efficient markets for investors, ISE consists of an options exchange, a stock exchange, an alternative markets platform, and a market data business. 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 world's largest equity options exchange. ISE offers index options, including a portfolio of proprietary index products, and enhanced market data products for sophisticated investors. ISE FX Options(SM)launched in the second quarter of 2007.

ISE Stock Exchange, launched in September 2006, is a completely electronic marketplace and the only dual structure platform that integrates a dark pool, MidPoint Match(SM), with a fully displayed stock market. Midpoint Match is a proprietary, non-displayed market that trades equity securities at the midpoint between the National Best Bid and Offer (NBBO).

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, visit www.ise.com.
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Date:Dec 3, 2007
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