International Securities Exchange IPO

March 14, 2005

Cleary Gottlieb was counsel to the underwriters, led by Bear Stearns and Morgan Stanley, in the initial public offering of the International Securities Exchange, Inc. (ISE).

Founded in 2000, the ISE is the largest equity options exchange in the world based on contract trading volume and is a fully electronic securities exchange.  Shares were offered both by the company and selling shareholders for an aggregate offering of approximately $210 million, which includes the exercise of the over-allotment option by the underwriters.  The ISE is the first registered securities exchange to go public.