• Significantly reduced cost
• Fast and accurate order execution
• State-of-the-art technology
• Competition in options currently traded on only one exchange

Reduced Cost
The ISE fee structure will offer the most competitive pricing available for options transactions. This is a direct result of the extreme efficiencies inherent to this system. In addition to low exchange charges, there are no floor brokerage fees associated with transactions on ISE. While firms that employ their own floor brokers do not explicitly pay floor brokerage fees, the cost of memberships and supporting floor brokers and related staff on multiple, traditional exchanges can be substantial.

Fast and Accurate Order Execution
ISE's system provides users with an order turnaround time of under one-second. This rapid execution and electronic time stamping of orders and quotes, coupled with locked-in trade matching, contributes to the enhanced speed and accuracy of trading on ISE.

State-of-the-Art Technology
All ISE market participants (public investors as well as professionals) have their orders processed using the same advanced systems. The technology developed by OM Technology for ISE (described later in this document) has patents pending on numerous aspects of its groundbreaking functionalities. APIs (applications programmers interface) on a variety of user platforms are provided to allow broker/dealers to link their order delivery systems to ISE's order management system. In this way, orders from participating broker/dealers can be routed, executed and reported electronically with no paper, resulting in significant cost savings. To meet the high-performance needs of ISE, the Exchange's platform is based upon Compaq's newest generation of 64-bit Alpha EV6 chip - currently the world's fastest processor.

Competition
The SEC has long favored the development of competition in the options market.� In 1990, the SEC passed Rule 19c-5 that allowed multiple listing of options.� Only since August 1999, within a few months of ISE announcing its existence, have options previously traded on one exchange begun trading competitively on more than one exchange.� ISE will provide additional competition by listing options on 600 of the most widely owned and popular stocks.