Citadel To Serve as Bin 4 PMM on ISE

The International Securities Exchange (NYSE:ISE) said
today that Citadel Derivatives Group LLC, will serve as bin 4 Primary
Market Maker (PMM) as of June 3, 2005.
   Citadel Derivatives Group LLC purchased the bin 4 Primary Market
Maker (PMM) from Adirondack Electronic Markets LLC. Citadel serves as
bin 8 PMM and as CMM in eight bins. The firm also has Electronic
Access Member (EAM) privileges to route orders to ISE for execution.
   "Citadel's name has come to represent sophisticated electronic
trading and high-quality markets and we are pleased that the company
has chosen to maintain two PMMs at ISE," said Gary Katz, ISE's Chief
Operating Officer.
   Adirondack Electronic Markets currently serves as a PMM in bin 3
and as a Competitive Market Maker (CMM) in bins 1, 2, 5, 6 and 10.
Adirondack Electronic Markets began trading in bin 4 in October 2003.
   ISE lists more than 700 different options classes, representing
about 90% of options industry volume. ISE's market is divided into ten
bins, with one PMM and up to 16 CMMs in each bin. Since ISE's launch
on May 26, 2000, the exchange's low-cost, high-efficiency business
model has attracted a new class of participants to the options market
whose embrace of electronic trading has fundamentally changed the
nature of US options trading. Most PMMs and CMMs are operated by
large, global financial institutions with significant capital base and
notable trading experience.

   ISE Background

   The International Securities Exchange, the world's largest equity
options exchange, was founded on the principle that technology fosters
and infuses new efficiencies and operational innovations into
securities trading. After developing an innovative market structure
that integrated auction market principles into an advanced
screen-based trading system, ISE launched the first fully electronic
US options exchange in May 2000. ISE continually enhances its trading
systems to provide investors with the best marketplace to execute
their options orders.

   For more information about ISE, its products and its technology,
visit www.iseoptions.com.