Instinet's U.S. equity share volume in May comprised 11,125 million shares of NASDAQ-listed stocks and 1,631 million shares of exchange-listed stocks.(1)
Instinet's estimated total U.S. equity market share in May 2003 was 15.5%. Estimated share of NASDAQ-listed volume was 28.7%, and of exchange-listed volume was 3.8%.(2)
Instinet's average net transaction fee revenue per U.S. equity share per side was 0.19 cents in May 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 |
| May- 03 | 20 | 11,125 | 1,631 | 12,756 | 28.7 | 3.8 | 15.5 | 0.19 |
| Apr- 03 | 21 | 9,356 | 1,703 | 11,059 | 30.1 | 4.3 | 15.6 | 0.19 |
| May- 02 | 22 | 5,516 | 973 | 6,489 | 13.7 | 2.9 | 8.8 | 0.36 |
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.
