Subject: File No. SR-ISE-2005-31
From: Michael Kundrat

July 6, 2005

The fees that ISE is now charging for cancels are very detrimental to the small day trader like myself. Ive been making a living day trading for the past 6 years. These fees could eat up profits that i make in a month to pay my bills. Trading is hard enough today and the exchanges are already at a huge advantage. Please reconsider allowing these fees to happen. It could be an ending to my career.

Thank you,
The small trader