In December 2004, Instinet's total average daily U.S. equity share volume was 109 million shares, which represents a 2.7% share of the U.S. equity market. This compares to 101 million shares, or 2.5% of the U.S. equity market, in November 2004, and 112 million shares, or 3.2% of the U.S. equity market, in December 2003.
In December 2004, INET's total matched average daily U.S. equity share volume was 544 million shares, or 13.4% of the U.S. equity market. This volume consisted of 498 million shares of NASDAQ-listed stocks, or a 24.5% share of the NASDAQ-listed market, and 46 million shares of U.S. exchange-listed stocks, or 2.3% of the U.S. exchange-listed market.
This compares to INET's total matched average daily share volume of 517 million in November 2004, or 13.0% of the U.S equity market, consisting of 434 million shares of NASDAQ-listed stocks, or a 23.8% share of the NASDAQ-listed market, and 83 million shares of U.S. exchange-listed stocks, or 3.9% of the U.S. exchange-listed market.
In December 2003, INET's total matched average daily share volume was 449 million shares, or 13.0% of the U.S equity market, consisting of 396 million shares of NASDAQ-listed stocks, or a 24.2% share of the NASDAQ-listed market, and 53 million shares of U.S. exchange-listed stocks, or 2.9% of the U.S. exchange-listed market.
Instinet Group reports additional monthly operating data on its website at www.instinetgroup.com under the heading "Investor Relations - Instinet Trading Activity."
| December 2004 | November 2004 | December 2003 | |
| # of Trade Days | 22 | 21 | 22 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 109 | 101 | 112 |
| Share of total U.S. equity market | 2.7% | 2.5% | 3.2% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 498 | 434 | 396 |
| Share of total Nasdaq market | 24.5% | 23.8% | 24.2% |
| U.S. exchange-listed share volume (million shares) | 46 | 83 | 53 |
| Share of total U.S. exchange-listed market | 2.3% | 3.9% | 2.9% |
| Total U.S. equity share volume (million shares) | 544 | 517 | 449 |
| Share of total U.S. equity market | 13.4% | 13.0% | 13.0% |
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.
- 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 Unconflicted Institutional Broker" in our Form 10-Q for the fiscal quarter ended September 30, 2004.
- 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 September 30, 2004.
