EAMs are broker/dealers that represent agency and/or proprietary orders on the Exchange. An EAM does not purchase a membership. Rather, once approved as an ISE member, an EAM pays an access fee that permits the firm to place orders in all of the options traded on the Exchange. EAMs cannot enter quotations or otherwise engage in market making on the Exchange.

     An organization may obtain more than one membership. It is possible to be a PMM in one group of options, obtain several CMM memberships to provide markets in other groups, and have an EAM membership to enter agency and proprietary orders in all groups. Firms that are both market makers and EAMs must conduct those activities separately. A member may not be both a PMM and CMM in the same group of options. Market makers are not permitted to represent agency orders.