Instinet Group Incorporated (Nasdaq: INET) announced today that its U.S. equity share volume in September 2002 totaled 8,662 million shares. This compares to 7,489 million shares in August 2002 and 4,713 million shares in September 2001.
Instinet's U.S. equity share volume in September comprised 7,299 million shares of Nasdaq-listed stocks and 1,363 million shares of exchange-listed stocks.
Instinet's estimated total U.S. equity market share for September 2002 was 13.1%. Estimated share of Nasdaq-listed volume was 24.7%, and of exchange-listed volume was 3.7%.
Instinet's average net equity transaction fee revenue per U.S. share per side was 0.23 cents for the month of September 2002.
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U.S. Equity Shares Traded by Instinet | Market Share (Instinet volume as percent of total market volume) (2) | Average Net U.S. Equity Transaction Fee Revenue (3) | |||||||||||||||||||||||||||||||||||||||
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Monthly totals may not reflect weekly data, which is preliminary. The number of trading days in each period takes account of U.S. market holidays and any other U.S. market closings.
(1) 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.(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) Includes data for Island ECN from 9/23/02.
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. 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. Unlike most traditional broker-dealers, 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. For more information, please go to www.instinet.com.
