In AMEX-listed equity securities, ArcaEx's total trading market share was 29.0% in April 2005, up from 20.1% in April 2004 and up from 26.1% in March 2005. ArcaEx's ETF total monthly share volume showed continued year-over- year growth with 2,213.0 (millions of shares) having traded in April 2005 compared to 1,267.4 (millions of shares) traded in April 2004 and up from 1,899.3 (millions of shares) in March 2005.
In Nasdaq-listed equity securities, ArcaEx's total trading market share was 23.6% in April 2005 down from 25.7% in April 2004 and was up from 22.5% in March 2005.
ArcaEx Transaction Volume Data
| April 2005 | March 2005 | April 2004 | |
| Total monthly volume of Nasdaq-listed equity securities (millions of shares) | 38,991.8 | 41,076.8 | 40,967.7 |
| ArcaEx monthly volume of Nasdaq-listed equity securities (millions of shares) (1) | 9,218.1 | 9,261.4 | 10,517.7 |
| ArcaEx share of total monthly volume of Nasdaq-listed equity securities (%)(2) | 23.6% | 22.5% | 25.7% |
| Total monthly volume of NYSE-listed equity securities (millions of shares) | 44,543.4 | 46,848.2 | 40,216.1 |
| ArcaEx monthly volume of NYSE-listed equity securities (millions of shares)(1) | 1,445.5 | 1,274.8 | 686.2 |
| ArcaEx share of total monthly volume of NYSE-listed equity securities (%)(2) | 3.2% | 2.7% | 1.7% |
| Total monthly volume of AMEX-listed equity securities (millions of shares) | 6,159.7 | 5,899.4 | 6,859.4 |
| ArcaEx monthly volume of AMEX-listed equity securities (millions of shares) (1) | 1,787.2 | 1,539.9 | 1,377.5 |
| ArcaEx share of total monthly volume of AMEX-listed equity securities (%)(2) | 29.0% | 26.1% | 20.1% |
| ArcaEx ETF total monthly share volume (millions of shares) | 2,213.0 | 1,899.3 | 1,267.4 |
| ArcaEx monthly customer order volume matched internally (%)(3) | 88.9% | 88.1% | 85.8% |
| ArcaEx monthly customer order volume routed out (%)(3) | 11.1% | 11.9% | 14.2% |
| Number of trading days in period | 21 | 22 | 21 |
| ArcaEx Most Active April 2005 | |||
| Symbol | Share Volume | Market Share | |
| Nasdaq-100 Index(R) | (QQQQ) | 591,910,446 | 25.1% |
| SPDR(R) | (SPY) | 436,769,540 | 26.2% |
| Microsoft(R) | (MSFT) | 399,599,107 | 26.1% |
| Intel(R) | (INTC) | 352,674,503 | 25.6% |
| Semiconductor Holdrs(sm) | (SMH) | 301,471,700 | 51.1% |
| Cisco Systems(R) | (CSCO) | 253,339,100 | 22.3% |
| Oracle(R) | (ORCL) | 201,250,854 | 23.3% |
| Sun(R) Microsystems | (SUNW) | 198,271,802 | 23.6% |
| Energy Select SPDR(R) | (XLE) | 170,323,854 | 45.6% |
| Siebel Systems | (SEBL) | 164,390,102 | 27.0% |
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, as reported in the consolidated tape. The "consolidated tape" provides last sale price and volume of equity securities transactions to the public.
- In computing the percentage of monthly client 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.
