This compares to 12,283 million shares in November 2002 and 4,734 million shares in December 2001.
Instinet's U.S. equity share volume in December comprised 8,495 million shares of NASDAQ-listed stocks and 1,535 million shares of exchange-listed stocks.
Instinet's estimated total U.S. equity market share for December 2002 was 15.5%. Estimated share of NASDAQ-listed volume was 28.8%, and of exchange-listed volume was 4.4%.(2)
Instinet's average net equity transaction fee revenue per U.S. share per side was 0.18 cents for the month of December 2002.(3)
| U.S. Equity Shares Traded by Instinet (1) | Market Share (Instinet (1) volume as percent of total market volume) (2) | Average Net U.S. Equity Transation Fee Revenue (3) | ||||||
| Million shares | % | |||||||
| Month | # Trade Days | Nasdaq Listed (4) | Exchange Listed | Total U.S. | Nasdaq Listed | Exchange Listed | Total U.S. | U.S. cents per equity share per side |
| Dec-02 | 21 | 8,495 | 1,535 | 10,030 | 28.8 | 4.4 | 15.5 | 0.18 |
| Nov-02 | 20 | 10,482 | 1,801 | 12,283 | 28.9 | 4.6 | 16.3 | 0.18 |
| Dec-01 | 20 | 3,812 | 922 | 4,734 | 10.6 | 2.9 | 7.0 | 0.60 |
Monthly totals may not reflect weekly data, which are preliminary. The number of trading days in each period takes account of U.S. market holidays and any other U.S. market closings.
- Represents Instinet Group Incorporated volume from all sources, including the Island ECN beginning the week ended 9/27/02, ProTrader Securities L.P. beginning the week ended 10/5/01, and Instinet Corporation.
- Market share information may be subject to change when NASDAQ posts its final volume statistics.
- Net equity transaction fee revenue is presented net of "Soft Dollar and Commission Recapture" and "Broker-Dealer Rebate" expenses. The required accounting for our soft dollar and commission recapture businesses requires us to record transaction fee revenues on a gross basis, inclusive of revenue which is associated with our soft dollar and commission recapture expenses and broker dealer rebates.
- For a description of how we calculate our NASDAQ volumes, see "Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Statistical Information-NASDAQ Volume Calculations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2001.
