ISE Trades Its 1.5 Billionth Contract

The International Securities Exchange (NYSE: ISE) said
today that its 1.5 billionth contract was traded on May 16, 2006. This
trade, which was on the iShares Russell 2000 Index Fund (IWM),
occurred approximately one year after ISE traded its 1 billionth
contract on May 24, 2005. ISE first began trading approximately six
years ago, on May 26, 2000.
   "This trading record marks yet another milestone in ISE's history
of innovation and leadership," said David Krell, President and Chief
Executive Officer of ISE. "We believe the remarkable growth in options
trading volume highlights the increasing use and importance of options
as an effective trading tool for both institutional and retail
investors to increase their returns, hedge their portfolios and manage
investment risk through the use of multiple asset classes."

   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.

   Forward Looking Statements
   This press release contains "forward looking statements." 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
registration statement on Form S-1, current reports on Form 8-K and
quarterly reports on Form 10-Q, as amended.