Instinet Group Incorporated (NASDAQ: INGP) today announced April 2004 transaction data for its two major business segments: Instinet, the Institutional Broker and INET, the electronic marketplace.
In April 2004, Instinet's total average daily U.S. equity share volume was 113 million shares, which represents a 2.7% share of the U.S. equity market. This compares to 104 million shares, or 2.6% of the U.S. equity market, in March 2004, and 89 million shares, or 2.6% of the U.S. equity market, in April 2003.
In April 2004, INET's total matched average daily U.S. equity share volume was 555 million shares, or 13.4% of the U.S. equity market. This volume consisted of 481 million shares of NASDAQ-listed stocks, or a 24.8% share of the NASDAQ-listed market, and 74 million shares of U.S. exchange-listed stocks, or 3.4% of the U.S. exchange-listed market.
This compares to INET's total matched average daily share volume of 519 million in March 2004, or 13.0% of the U.S equity market, consisting of 456 million shares of NASDAQ-listed stocks, or a 24.5% share of the NASDAQ-listed market, and 63 million shares of U.S. exchange-listed stocks, or 2.9% of the U.S. exchange-listed market.
In April 2003, INET's total matched average daily share volume was 468 million shares, or 14.1% of the U.S equity market, consisting of 413 million shares of NASDAQ-listed stocks, or a 27.9% share of the NASDAQ-listed market, and 55 million shares of U.S. exchange-listed stocks, or 3.0% of the U.S. exchange-listed market.
Instinet Group also reported monthly operating data for 2003 and 2004. The information can be found at www.instinetgroup.com under the heading "Investor Relations - Instinet Trading Activity."
| April 2004 | March 2004 | April 2003 (3) | |
| # of Trade Days | 21 | 23 | 21 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 113 | 104 | 89 |
| Share of total U.S. equity market | 2.7% | 2.6% | 2.6% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 481 | 456 | 413 |
| Share of total Nasdaq market | 24.8% | 24.5% | 27.9% |
| U.S. exchange-listed share volume (million shares) | 74 | 63 | 55 |
| Share of total U.S. exchange-listed market | 3.4% | 2.9% | 3.0% |
| Total U.S. equity share volume (million shares) | 555 | 519 | 468 |
| Share of total U.S. equity market | 13.4% | 13.0% | 14.1% |
The number of trading days in each period takes account of U.S. market holidays and any other U.S. market closings.
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For a description of how we calculate Instinet's transaction
volumes, see "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Calculation of
Volume - Instinet, the Institutional Broker" in our Form 10-Q
for the fiscal quarter ended March 31, 2004.
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For a description of how we calculate INET's transaction
volumes, see "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Calculation of
Volume - INET, the Electronic Marketplace " in our Form 10-Q
for the fiscal quarter ended March 31, 2004.
- Represents Inet ATS, Inc. volume, including volume from ProTrader Securities L.P. beginning the week ended 10/5/01 through 7/22/03.
Instinet Group 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 Group
Instinet Group, through affiliates, is the largest global electronic agency securities broker and has been providing investors with electronic trading solutions and execution services for more than 30 years. We operate our two major businesses through Instinet, LLC, the Institutional Broker, and Inet ATS, Inc., the electronic marketplace.
- Instinet, the Institutional Broker, gives its customers the opportunity to use its sales-trading expertise and advanced technology tools to interact with global securities markets, improve trading and investment performance and lower overall trading costs. Through Instinet’s electronic platforms, customers can access other U.S. trading venues, including NASDAQ and the NYSE, and almost 30 securities markets throughout the world. Instinet acts solely as an agent for its customers, including institutional investors, such as mutual funds, pension funds, insurance companies and hedge funds. Lynch, Jones & Ryan, Instinet Group’s commission recapture subsidiary, and Instinet Clearing Services, Inc., Instinet Group's clearing broker, are also a part of Instinet.
- INET, the electronic marketplace, represents the consolidation of the order flow of the former Instinet ECN and former Island ECN, providing its U.S. broker-dealer customers one of the largest liquidity pools in NASDAQ-listed securities.
Daily volumes for Inet ATS, Inc. may be found at http://www.inetats.com. Inet ATS, Inc. operates as an entity separate from Instinet, LLC.
