This compares to 11,315 million shares in January 2003 and 4,943 million shares in February 2002. (1)
Instinet's U.S. equity share volume in February comprised 7,268 million shares of NASDAQ-listed stocks and 1,510 million shares of exchange-listed stocks.
Instinet's estimated total U.S. equity market share in February 2003 was 15.1%. Estimated share of NASDAQ-listed volume was 29.1%, and of exchange-listed volume was 4.5%.(2)
Instinet's average net equity transaction fee revenue per U.S. share per side was 0.19 cents in the month of February 2003. (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 |
| Feb-03 | 19 | 7,268 | 1,510 | 8,778 | 29.1 | 4.5 | 15.1 | 0.19 |
| Jan-03 | 21 | 9,489 | 1,826 | 11,315 | 29.1 | 4.4 | 15.3 | 0.19 |
| Feb-02 | 19 | 3,904 | 1,039 | 4,943 | 11.3 | 3.2 | 7.4 | 0.55 |
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.
(1) 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. (2) Market share information may be subject to change when NASDAQ posts its final volume statistics. (3) 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. (4) 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.
Instinet has experienced significant seasonality in its business, and period-to-period comparisons of operating results are not necessarily meaningful, nor are the results for any period necessarily indicative of results for any future period.
