This compares to 14,458 million shares in October 2002 and 5,423 million shares in November 2001.
Instinet's U.S. equity share volume in November comprised 10,482 million shares of NASDAQ-listed stocks and 1,801 million shares of exchange-listed stocks.
Instinet's estimated total U.S. equity market share for November 2002 was 16.3%. Estimated share of NASDAQ-listed volume was 28.9%, and of exchange-listed volume was 4.6%.2
Instinet's average net equity transaction fee revenue per U.S. share per side was 0.18 cents for the month of November 2002. 3
Market Share Average Net
U.S. Equity Shares (Instinet (1) volume U.S. Equity
Traded by Instinet (1) as percent of total Transaction
market volume) (2) Fee Revenue
(3)
-------------------------------------------- ------------
Million shares %
----- ------ -------------------------------------------- ------------
U.S. cents
# NASDAQ- per equity
Trade listed Exchange- Total NASDAQ- Exchange- Total share per
Month days (4) listed U.S. listed listed U.S. side
----- ------ -------------------------------------------- ------------
Nov-
02 20 10,482 1,801 12,283 28.9 4.6 16.3 0.18
Oct-
02 23 12,205 2,253 14,458 31.0 4.6 16.3 0.18
Nov-
01 23 4,323 1,100 5,423 11.2 3.3 7.6 0.62
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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.
