.jpg)
In January 2005, Instinet's total average daily U.S. equity share volume was 131 million shares, which represents a 3.0% share of the U.S. equity market. This compares to 109 million shares, or 2.7% of the U.S. equity market, in December 2004, and 128 million shares, or 2.7% of the U.S. equity market, in January 2004.
In January 2005, INET's total matched average daily U.S. equity share volume was 635 million shares, or 14.4% of the U.S. equity market. This volume consisted 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.
This compares to INET's total matched average daily share volume of 544 million in December 2004, or 13.4% of the U.S. equity market, consisting 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.
In January 2004, INET's total matched average daily share volume was 682 million shares, or 14.2% of the U.S. equity market, consisting of 615 million shares of NASDAQ-listed stocks, or a 26.4% share of the NASDAQ-listed market, and 67 million shares of U.S. exchange-listed stocks, or 2.7% 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."
| January 2005 | December 2004 | January 2004 | |
| # of Trade Days | 20 | 22 | 20 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 131 | 109 | 128 |
| Share of total U.S. equity market | 3.0% | 2.7% | 2.7% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 570 | 498 | 615 |
| Share of total Nasdaq market | 26.2% | 24.5% | 26.4% |
| U.S. exchange-listed share volume (million shares) | 65 | 46 | 67 |
| Share of total U.S. exchange-listed market | 2.9% | 2.3% | 2.7% |
| Total U.S. equity share volume (million shares) | 635 | 544 | 682 |
| Share of total U.S. equity market | 14.4% | 13.4% | 14.2% |
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.
