Instinet's U.S. equity share volume in July comprised 10,724 million shares of NASDAQ-listed stocks and 1,787 million shares of exchange-listed stocks. (1)
Instinet's estimated total U.S. equity market share in July was 15.2%. Estimated share of NASDAQ-listed volume was 27.5%(2), and of exchange-listed volume was 4.1%.
Instinet's average net transaction fee revenue per U.S. equity share per side in July was 0.19 cents. (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 |
| Jul- 03 | 22 | 10,724 | 1,787 | 12,511 | 27.5 | 4.1 | 15.2 | 0.19 |
| Jun- 03 | 21 | 11,515 | 1,735 | 13,250 | 27.0 | 3.9 | 15.3 | 0.18 |
| Jul- 02 | 22 | 8,841 | 1,479 | 10,320 | 18.7 | 2.8 | 10.3 | 0.26 |
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, Inc., beginning the week ended 9/27/02, ProTrader Securities L.P. from the beginning of the week ending 10/5/03 through 7/22/03, 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. 4.
- For a description of how we calculate our transaction volumes, see "Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Statistical Information" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2002.
