International Securities Exchange Holdings, Inc. - Amended Statement of Ownership (SC 13G/A)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Schedule 13G/A
(Rule 13d-102)

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Amendment No. 1

INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO RULES 13d-1(b), (c)

AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

INTERNATIONAL SECURITIES EXCHANGE HOLDINGS, INC.
(Name of Issuer)

CLASS A COMMON STOCK, $0.01 PAR VALUE PER SHARE
(Title of Class of Securities)

46031W204
(CUSIP Number)

December 31, 2007
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[ ] Rule 13d-1(b)

[X] Rule 13d-1(c)

[ ] Rule 13d-1(d)

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* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 2 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Davidson Kempner Partners ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION New York ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON PN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 3 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Davidson Kempner Institutional Partners, L.P. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON PN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 4 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON M. H. Davidson & Co. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION New York ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON PN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 5 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Davidson Kempner International, Ltd. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON CO ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 6 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Serena Limited ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON CO ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 7 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON MHD Management Co. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION New York ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON PN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 8 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Davidson Kempner Advisers Inc. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION New York ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IA ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 9 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Davidson Kempner International Advisors, L.L.C. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON OO ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 10 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Thomas L. Kempner, Jr. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 11 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Marvin H. Davidson ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 12 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Stephen M. Dowicz ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 13 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Scott E. Davidson ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 14 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Michael J. Leffell ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 15 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Timothy I. Levart ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United Kingdom & United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 16 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Robert J. Brivio, Jr. ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 17 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Eric P. Epstein ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 18 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Anthony A. Yoseloff ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 19 OF 33 ------------------------------------------------------------------------------ (1) NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Avram Z. Friedman ------------------------------------------------------------------------------ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------------------ (3) SEC USE ONLY ------------------------------------------------------------------------------ (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States ------------------------------------------------------------------------------ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------ BENEFICIALLY (6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ------------------------------------------------------------ PERSON WITH (8) SHARED DISPOSITIVE POWER 0 ------------------------------------------------------------------------------ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 ------------------------------------------------------------------------------ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------------------ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% ------------------------------------------------------------------------------ (12) TYPE OF REPORTING PERSON IN ------------------------------------------------------------------------------

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 20 OF 33 ------------------------------------------------------------------------------ ITEM 1(a). NAME OF ISSUER: International Securities Exchange Holdings, Inc. (the "Company") ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 60 Broad Street New York, NY 10004 ITEM 2(a). NAME OF PERSON FILING: This Statement is filed by each of the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons": (i) Davidson Kempner Partners, a New York limited partnership ("DKP"); (ii) Davidson Kempner Institutional Partners, L.P., a Delaware limited partnership ("DKIP"); (iii) M. H. Davidson & Co., a New York limited partnership ("CO"); (iv) Davidson Kempner International, Ltd., a British Virgin Islands corporation ("DKIL"); (v) Serena Limited, a Cayman Islands corporation ("Serena"); (vi) MHD Management Co., a New York limited partnership and the general partner of DKP ("MHD"); (vii) Davidson Kempner Advisers Inc., a New York corporation and the general partner of DKIP ("DKAI"), which is registered as an investment adviser with the U.S. Securities and Exchange Commission; (viii) Davidson Kempner International Advisors, L.L.C., a Delaware limited liability company and the manager of DKIL and Serena ("DKIA"); and (ix) Messrs. Thomas L. Kempner, Jr., Marvin H. Davidson, Stephen M. Dowicz, Scott E. Davidson, Michael J. Leffell, Timothy I. Levart, Robert J. Brivio, Jr., Anthony A. Yoseloff, Eric P. Epstein and Avram Z. Friedman (collectively, the "Principals"), who are the general partners of CO and MHD, the sole managing members of DKIA and the sole stockholders of DKAI. ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE: The address of the principal business office of each of the Reporting Persons is c/o Davidson Kempner Partners, 65 East 55th Street, 19th Floor, New York, New York 10022.

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 21 OF 33 ITEM 2(c). CITIZENSHIP: (i) DKP - a New York limited partnership (ii) DKIP - a Delaware limited partnership (iii) CO - a New York limited partnership (iv) DKIL - a British Virgin Islands corporation (v) Serena - a Cayman Islands corporation (vi) MHD - a New York limited partnership (vii) DKAI - a New York corporation (viii) DKIA - a Delaware limited liability company (ix) Thomas L. Kempner, Jr. - United States (x) Marvin H. Davidson - United States (xi) Stephen M. Dowicz - United States (xii) Scott E. Davidson - United States (xiii) Michael J. Leffell - United States (xiv) Timothy I. Levart - United Kingdom & United States (xv) Robert J. Brivio, Jr. - United States (xvi) Eric P. Epstein - United States (xvii) Anthony A. Yoseloff - United States (xviii) Avram Z. Friedman - United States ITEM 2(d). TITLE OF CLASS OF SECURITIES: CLASS A COMMON STOCK, $0.01 PAR VALUE PER SHARE ITEM 2(e). CUSIP NUMBER: 46031W204

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 22 OF 33 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Act; (b) [ ] Bank as defined in Section 3(a)(6) of the Act; (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act; (d) [ ] Investment Company registered under Section 8 of the Investment Company Act of 1940; (e) [ ] Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940: see Rule 13d-1(b)(1)(ii)(E); (f) [ ] Employee Benefit Plan, Pension Fund which is subject to the provisions of the Employee Retirement Income Security Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F); (g) [ ] Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G); (h) [ ] Savings Associations as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) [ ] Church Plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940; (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). ITEM 4. OWNERSHIP. A. DKP (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 B. DKIP (a) Amount beneficially owned: 0

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 23 OF 33 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 C. CO (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 D. DKIL (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 E. Serena (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has:

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 24 OF 33 (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 F. MHD (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 G. DKAI (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 H. DKIA (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 25 OF 33 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 I. Thomas L. Kempner, Jr. (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 J. Marvin H. Davidson (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 K. Stephen M. Dowicz (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 26 OF 33 L. Scott E. Davidson (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 M. Michael J. Leffell (a) Amount beneficially owned. 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 N. Timothy I. Levart (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 O. Robert J. Brivio, Jr. (a) Amount beneficially owned: 0

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 27 OF 33 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 P. Eric P. Epstein (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 Q. Anthony A. Yoseloff (a) Amount beneficially owned: 0 (b) Percent of class: 0.0% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 R. Avram Z. Friedman (a) Amount beneficially owned: 0 (b) Percent of class: 0.0%

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 28 OF 33 (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition: 0 (iv) shared power to dispose or to direct the disposition: 0 ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. If this statement is being filed to report the fact as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X]. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Not applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. Not applicable. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. See Item 4. ITEM 9. NOTICE OF DISSOLUTION OF GROUP. Not applicable. ITEM 10. CERTIFICATION. (if filing pursuant to Rule 13d-1(c)) Each of the Reporting Persons hereby makes the following certification: By signing below we certify that, to the best of our knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 29 OF 33 SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. DATED: February 14, 2008 DAVIDSON KEMPNER PARTNERS By: MHD Management Co., its General Partner /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Managing Partner DAVIDSON KEMPNER INSTITUTIONAL PARTNERS, L.P. By: Davidson Kempner Advisers Inc., its General Partner /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: President M.H. DAVIDSON & CO. /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Managing Partner DAVIDSON KEMPNER INTERNATIONAL, LTD. By: Davidson Kempner International Advisors, L.L.C., its Investment Manager /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Executive Managing Member SERENA LIMITED By: Davidson Kempner International Advisors, L.L.C., its Investment Manager /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Executive Managing Member

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 30 OF 33 MHD MANAGEMENT CO. /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Managing Partner DAVIDSON KEMPNER ADVISERS INC. /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: President DAVIDSON KEMPNER INTERNATIONAL ADVISORS, L.L.C. /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Executive Managing Member /s/ Thomas L. Kempner, Jr. --------------------------------- Thomas L. Kempner, Jr. /s/ Marvin H. Davidson --------------------------------- Marvin H. Davidson /s/ Stephen M. Dowicz --------------------------------- Stephen M. Dowicz /s/ Scott E. Davidson --------------------------------- Scott E. Davidson /s/ Michael J. Leffell --------------------------------- Michael J. Leffell /s/ Timothy I. Levart --------------------------------- Timothy I. Levart /s/ Robert J. Brivio, Jr. --------------------------------- Robert J. Brivio, Jr. /s/ Eric P. Epstein --------------------------------- Eric P. Epstein /s/ Anthony A. Yoseloff --------------------------------- Anthony A. Yoseloff /s/ Avram Z. Friedman --------------------------------- Avram Z. Friedman

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 31 OF 33 EXHIBIT 1 JOINT ACQUISITION STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. DATED: February 14, 2008 DAVIDSON KEMPNER PARTNERS By: MHD Management Co., its General Partner /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Managing Partner DAVIDSON KEMPNER INSTITUTIONAL PARTNERS, L.P. By: Davidson Kempner Advisers Inc., its General Partner /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: President M.H. DAVIDSON & CO. /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Managing Partner DAVIDSON KEMPNER INTERNATIONAL, LTD. By: Davidson Kempner International Advisors, L.L.C., its Investment Manager /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Executive Managing Member

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 32 OF 33 SERENA LIMITED By: Davidson Kempner International Advisors, L.L.C., its Investment Manager /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Executive Managing Member MHD MANAGEMENT CO. /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Managing Partner DAVIDSON KEMPNER ADVISERS INC. /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: President DAVIDSON KEMPNER INTERNATIONAL ADVISORS, L.L.C. /s/ Thomas L. Kempner, Jr. --------------------------------- Name: Thomas L. Kempner, Jr. Title: Executive Managing Member /s/ Thomas L. Kempner, Jr. --------------------------------- Thomas L. Kempner, Jr. /s/ Marvin H. Davidson --------------------------------- Marvin H. Davidson /s/ Stephen M. Dowicz --------------------------------- Stephen M. Dowicz /s/ Scott E. Davidson --------------------------------- Scott E. Davidson /s/ Michael J. Leffell --------------------------------- Michael J. Leffell /s/ Timothy I. Levart --------------------------------- Timothy I. Levart /s/ Robert J. Brivio, Jr. --------------------------------- Robert J. Brivio, Jr.

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Schedule 13G/A

CUSIP No. 46031W204 PAGE 33 OF 33 /s/ Eric P. Epstein --------------------------------- Eric P. Epstein /s/ Anthony A. Yoseloff --------------------------------- Anthony A. Yoseloff /s/ Avram Z. Friedman --------------------------------- Avram Z. Friedman