SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* BEAR STEARNS COMPANIES INC (Last) (First) (Middle) 383 MADISON AVENUE (Street) NEW YORK NY 10179 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 03/08/2005	3. Issuer Name and Ticker or Trading Symbol International Securities Exchange, Inc. [ ISE ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock ( 1 )	3,635,667 ( 2 )	I	Through subsidiaries ( 2 )

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* BEAR STEARNS COMPANIES INC (Last) (First) (Middle) 383 MADISON AVENUE (Street) NEW YORK NY 10179 (City) (State) (Zip)

1. Name and Address of Reporting Person* Bear Hunter Structured Products LLC (Last) (First) (Middle) 40 WALL STREET 42ND FLOOR (Street) NEW YORK NY 10005 (City) (State) (Zip)

1. Name and Address of Reporting Person* Bear Wagner Specialists LLC (Last) (First) (Middle) 40 WALL STREET 42ND FLOOR (Street) NEW YORK NY 10005 (City) (State) (Zip)

1. Name and Address of Reporting Person* Bear Hunter Holdings LLC (Last) (First) (Middle) 40 WALL STREET 42ND FLOOR (Street) NEW YORK NY 10005 (City) (State) (Zip)

1. Name and Address of Reporting Person* Hunter Partners LLC (Last) (First) (Middle) 40 WALL STREET 42ND FLR. (Street) NEW YORK NY 10005 (City) (State) (Zip)

1. Name and Address of Reporting Person* BEAR STEARNS & CO INC /NY/ (Last) (First) (Middle) 383 MADISON AVENUE (Street) NEW YORK NY 10179 (City) (State) (Zip)

Explanation of Responses:

1. See Exhibit 99 - Joint Filer Information

2. 1,847,700 shares are owned directly by Bear, Stearns & Co. Inc. (BSCI) a wholly owned subsidiary of The Bear Stearns Companies Inc. (TBSCI). TBSCI is an indirect beneficial owner of the reported securities. 1,787,967 shares are owned directly by Bear Hunter Structured Products LLC (BHSP) which is wholly owned by Bear Wagner Specialists LLC (BWS). BWS is wholly owned by Bear Hunter Holdings LLC (BHH); TBSCI holds a majority interest in BHH; the minority interest in BHH is held by Hunter Partners LLC (HP). Each of BWS, BHH, TBSCI and HP is an indirect beneficial owner of the reported securities.

Remarks:

	By: Kenneth L. Edlow, Secretary	03/16/2005
	By: Daniel McCabe, CEO	03/16/2005
	By: Michael Winchell, Chief Operating Officer	03/16/2005
	By: Michael Winchell, Mbr., Mgmt. Comm.	03/16/2005
	By: Michael Winchell, Managing Partner	03/16/2005
	By: Kenneth L. Edlow, Secretary	03/16/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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