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In AMEX-listed equity securities, ArcaEx's total trading market share grew from 13.0% in November 2003 to 25.9% in November 2004, and was down slightly from 27% in October 2004. ArcaEx's ETF total monthly share volume showed continued year-over-year growth with 1,557.8 (millions of shares) having traded in November 2004 compared to 555.7 (millions of shares) traded in November 2003.
In Nasdaq-listed equity securities, ArcaEx's total trading market sharewas down from 26.5% in November 2003 to 23.7% in November 2004 and from 25.1%in October 2004.
| November 2003 | October 2004 | November 2004 | |
| Total monthly volume of Nasdaq-listed equity securities (millions of shares) | 34,599.6 | 36,697.4 | 38,856.3 |
| ArcaEx monthly volume of Nasdaq-listed equity securities (millions of shares)(1) | 9,165.0 | 9,198.3 | 9,203.0 |
| ArcaEx share of total monthly volume of Nasdaq-listed equity securities (%)(2) | 26.5% | 25.1% | 23.7% |
| Total monthly volume of NYSE-listed equity securities (millions of shares) | 31,097.3 | 40,286.5 | 39,634.4 |
| ArcaEx monthly volume of NYSE-listed equity securities (millions of shares)(1) | 352.9 | 933.5 | 952.3 |
| ArcaEx share of total monthly volume of NYSE-listed equity securities (%)(2) | 1.1% | 2.3% | 2.4% |
| Total monthly volume of AMEX-listed equity securities (millions of shares) | 5,366.1 | 6,629.2 | 6,654.7 |
| ArcaEx monthly volume of AMEX-listed equity securities (millions of shares)(1) | 695.1 | 1,790.7 | 1,721.1 |
| ArcaEx share of total monthly volume of AMEX-listed equity securities (%)(2) | 13.0% | 27.0% | 25.9% |
| ArcaEx ETF total monthly share volume (millions of shares) | 555.7 | 1,659.0 | 1,557.8 |
| ArcaEx monthly customer order volume matched internally (%)(3) | 85.6% | 87.0% | 87.6% |
| ArcaEx monthly customer order volume routed out (%)(3) | 14.4% | 13.0% | 12.4% |
| Number of trading days in period | 19 | 21 | 21 |
| ArcaEx Most Active November 2004 | |||
| Symbol | Share Volume | Market Share | |
| Nasdaq-100 Index(R) | (QQQ) | 661,359,507 | 33.4% |
| Sirius Satellite Radio | (SIRI) | 470,703,080 | 17.4% |
| Microsoft(R) | (MSFT) | 467,127,641 | 26.7% |
| Intel (R) | (INTC) | 387,481,862 | 27.1% |
| SPDR (R) | (SPY) | 292,842,690 | 30.4% |
| Cisco Systems(R) | (CSCO) | 270,864,353 | 23.3% |
| Sun(R) Microsystems | (SUNW) | 229,119,709 | 24.6% |
| Semiconductor Holdrs(sm) | (SMH) | 224,501,500 | 55.2% |
| Applied Materials(R) | (AMAT) | 207,704,977 | 25.5% |
| Oracle(R) | (ORCL) | 163,350,952 | 24.2% |
Additional information on ArcaEx daily, weekly and monthly trading transaction volumes is publicly available in real time through the ArcaVision website accessible via http://www.archipelago.com. Additional data and enhanced functionality can be obtained through a free subscription to ArcaVision. Investors and ArcaEx clients can subscribe to ArcaVision at http://www.arca-vision.com.
- For purposes of calculating monthly transaction volume on ArcaEx, we include all shares that are "handled" on ArcaEx for the month. Handled shares include both shares that are bought and sold during the month within our internal liquidity pool and shares that are routed to external market centers for execution.
- ArcaEx monthly market share is calculated based on the number of shares handled on the ArcaEx system during the month as a percentage of total monthly volume. Total monthly volume is based on the number of shares of equity securities traded during the month on Nasdaq, AMEX or the NYSE, including if applicable exchange-traded funds, in each case as reported to the consolidated tape. The "consolidated tape" is the system that continuously provides the last sale price and volume of securities transactions in listed securities to the public.
- In computing the percentage of monthly customer order volume matched internally and the monthly percentage of customer order volume routed out, we calculate the percentage based on the volume of individual customer orders, not the volume of matched trades (i.e., only counting one side of a matched transaction). For example, we calculate two customer orders matched internally on our system as two customer orders matched internally, and we include the volume of both the buy order and the sell order in computing our percentages of monthly customer order volume matched internally and routed out. We calculate one customer order routed to an external market center (which will be matched with an order at that other market center) as one outbound trade or one customer order. We calculate one customer order routed to us from an external market center and matched with an order on our system as one inbound trade or one customer order.
