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In February 2005, Instinet's total average daily U.S. equity share volume was 114 million shares, which represents a 2.8% share of the U.S. equity market. This compares to 131 million shares, or 3.0% of the U.S. equity market, in January 2005, and 105 million shares, or 2.6% of the U.S. equity market, in February 2004.
In February 2005, INET's total matched average daily U.S. equity share volume was 564 million shares, or 13.6% of the U.S. equity market. This volume consisted of 501 million shares of NASDAQ-listed stocks, or a 25.7% 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.
This compares to INET's total matched average daily share volume of 635 million in January 2005, or 14.4% of the U.S. equity market, consisting of 570 million shares of NASDAQ-listed stocks, or a 26.2% share of the NASDAQ-listed market, and 65 million shares of U.S. exchange-listed stocks, or 2.9% of the U.S. exchange-listed market.
In February 2004, INET's total matched average daily share volume was 513 million shares, or 12.6% of the U.S. equity market, consisting of 457 million shares of NASDAQ-listed stocks, or a 24.2% share of the NASDAQ-listed market, and 56 million shares of U.S. exchange-listed stocks, or 2.6% 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."
| February 2005 | January 2005 | Febuary 2004 | |
| # of Trade Days | 19 | 20 | 19 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 114 | 131 | 105 |
| Share of total U.S. equity market | 2.8% | 3.0% | 2.6% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 501 | 570 | 457 |
| Share of total Nasdaq market | 25.7% | 26.2% | 24.2% |
| U.S. exchange-listed share volume (million shares) | 63 | 65 | 56 |
| Share of total U.S. exchange-listed market | 2.9% | 2.9% | 2.6% |
| Total U.S. equity share volume (million shares) | 564 | 635 | 513 |
| Share of total U.S. equity market | 13.6% | 14.4% | 12.6% |
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. 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.
