Subject: File No. SR-ISE-2005-31
From: Mark J Lucido
Affiliation: Trader

July 6, 2005

just writing to mention that i think the new rule of being charged for cancels is total crap. With all the buisness i myself and the people i work with give to you should not apply to some. Would do over 500 options a day but now have to cut my volume in half because of the new fee. Just wanted to let you know you have some really unhappy people.