This compares to 10,030 million shares in December 2002 and 5,444 million shares in January 2002.
Instinet's U.S. equity share volume in January comprised 9,489 million shares of NASDAQ-listed stocks and 1,826 million shares of exchange-listed stocks.
Instinet's estimated total U.S. equity market share for January 2003 was 15.3%. Estimated share of NASDAQ-listed volume was 29.1%, and of exchange-listed volume was 4.4%.(2)
Instinet's average net equity transaction fee revenue per U.S. share per side was 0.19 cents for the month of January 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 Transaction 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 |
| Jan-03 | 21 | 9,489 | 1,826 | 11,315 | 29.1 | 4.4 | 15.3 | 0.19 |
| Dec-02 | 21 | 8,495 | 1,535 | 10,030 | 28.8 | 4.4 | 15.5 | 0.18 |
| Jan-02 | 21 | 4,324 | 4,324 | 5,444 | 10.9 | 3.0 | 7.1 | 0.59 |
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.
