Instinet's U.S. equity share volume in June comprised 11,515 million shares of NASDAQ-listed stocks and 1,735 million shares of exchange-listed stocks. (1)
Instinet's estimated total U.S. equity market share in June was 15.3%. Estimated share of NASDAQ-listed volume was 27.0%, and of exchange-listed volume was 3.9%. (2)
Instinet's average net transaction fee revenue per U.S. equity share per side in June was 0.18 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 |
Jun- 03 | 21 | 11,515 | 1,735 | 13,250 | 27.0 | 3.9 | 15.3 | 0.18 |
May- 03 | 21 | 11,125 | 1,631 | 12,756 | 28.7 | 3.8 | 15.5 | 0.19 |
Jun- 02 | 20 | 5,826 | 1,120 | 6,946 | 15.5 | 2.8 | 8.9 | 0.33 |
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 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.