This compares to 8,778 million shares in February 2003 and 4,773 million shares in March 2002.
Instinet's U.S. equity share volume in March comprised 9,584 million shares of NASDAQ-listed stocks and 1,864 million shares of exchange-listed stocks. (1)
Instinet's estimated total U.S. equity market share in March 2003 was 15.9%. Estimated share of NASDAQ-listed volume was 30.4%, and of exchange-listed volume was 4.6%.(2)
Instinet's average net equity transaction fee revenue per U.S. share per side was 0.20 cents in the month of March 2003. (3)
| U.S. Equity Share | Market Share | Average Net U.S. Equity Transaction Fee Revenues (3) | ||||||
| Traded by Instinet (1) | (Instinet (1) Volume as Percent of Total Market Volume) (2) | |||||||
| 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 |
| Mar-03 | 21 | 9,584 | 1,864 | 11,448 | 30.4 | 4.6 | 15.9 | 0.20 |
| Feb-03 | 19 | 7,268 | 1,510 | 8,778 | 29.1 | 4.5 | 15.1 | 0.19 |
| Mar-02 | 20 | 3,815 | 958 | 4,773 | 10.8 | 2.9 | 6.9 | 0.51 |
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, 2002.
