Instinet's U.S. equity share volume in November consisted of 9,938 million shares of NASDAQ-listed stocks and 1,506 million shares of exchange-listed stocks.(1)
Instinet's estimated total U.S. equity market share in November was 16.3%. Estimated share of NASDAQ-listed volume was 29.0%(2), and of exchange-listed volume was 4.2%.
Instinet's average net transaction fee revenue per U.S. equity share per side in November was 0.17 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 |
| Nov- 03 | 19 | 9,938 | 1,506 | 11,444 | 29.0 | 4.2 | 16.3 | 0.17 |
| Oct- 03 | 23 | 11,105 | 1,780 | 12,885 | 26.5 | 3.9 | 14.7 | 0.18 |
| Nov- 02 | 20 | 10,482 | 1,801 | 12,283 | 28.9 | 4.6 | 16.3 | 0.18 |
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 Inet ATS, Inc. (formerly The Island ECN, Inc.), ProTrader Securities L.P. beginning the week ended 10/5/01 through 7/22/03, and Instinet, LLC (formerly 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 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.
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.
About Instinet
Instinet, through affiliates, is the largest global electronic agency securities broker and has been providing investors with electronic trading solutions for more than 30 years. Our services enable buyers and sellers worldwide to trade securities directly and anonymously with each other, have the opportunity to gain price improvement for their trades and lower their overall trading costs. Instinet is part of the Reuters family of companies.
Through our electronic platforms, our customers also can access over 40 securities markets throughout the world, including NASDAQ, the NYSE and stock exchanges in Frankfurt, Hong Kong, London, Paris, Sydney, Tokyo, Toronto and Zurich. We also provide our customers with access to research generated by us and by third parties, as well as various informational and decision-making tools. We act solely as an agent for our customers and do not trade securities for our own account or maintain inventories of securities for sale.
Monthly volumes for Inet ATS, Inc. (formerly the Island ECN) may be found at http://www.inetats.com/. Inet ATS, Inc. operates as an entity separate from Instinet, LLC (formerly Instinet Corporation).
This press release is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. While Instinet believes the information contained herein is reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. Monthly data is preliminary and may not sum to quarterly data subsequently released by Instinet. Instinet undertakes no obligation to update publicly any of the information contained herein, in light of new information or future events.
(C) 2003 Instinet Group Incorporated and its affiliated companies. All rights reserved. INSTINET is a registered service mark in the United States and in other countries throughout the world. Instinet, LLC (formerly Instinet Corporation), member NASD/SIPC, is a subsidiary of Instinet Group Incorporated and an investment adviser with the SEC. Inet ATS, Inc. (formerly The Island ECN, Inc.), member NASD/NSX/SIPC, is a subsidiary of Instinet Group Incorporated. ProTrader Securities L.P. (a subsidiary of Instinet Group Incorporated) withdrew its membership from the NASD on 7/22/03.
This news release may be deemed to include forward-looking statements relating to Instinet. Certain important factors that could cause actual results to differ materially from those disclosed in such forward-looking statements are included in the Instinet Annual Report Form 10-K dated for the period ended December 31, 2002 and other documents filed with the SEC and available on the Company's web site. Certain information regarding NASDAQ trading volumes is also included in Instinet's Annual Report on Form 10-K for the fiscal year ended December 31, 2002 and on the Company's web site at www.instinetgroup.com.
