In July 2004, Instinet's total average daily U.S. equity share volume was 102 million shares, which represents a 2.8% share of the U.S. equity market. This compares to 88 million shares, or 2.5% of the U.S. equity market, in June 2004, and 110 million shares, or 2.9% of the U.S. equity market, in July 2003.
In July 2004, INET's total matched average daily U.S. equity share volume was 549 million shares, or 14.8% of the U.S. equity market. This volume consisted of 473 million shares of NASDAQ-listed stocks, or a 27.3% share of the NASDAQ-listed market, and 76 million shares of U.S. exchange-listed stocks, or 3.8% of the U.S. exchange-listed market.
This compares to INET's total matched average daily share volume of 451 million in June 2004, or 13.0% of the U.S equity market, consisting of 392 million shares of NASDAQ-listed stocks, or a 24.5% share of the NASDAQ-listed market, and 59 million shares of U.S. exchange-listed stocks, or 3.1% of the U.S. exchange-listed market.
In July 2003, INET's total matched average daily share volume was 491 million shares, or 13.2% of the U.S equity market, consisting of 440 million shares of NASDAQ-listed stocks, or a 24.8% share of the NASDAQ-listed market, and 51 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."
| July 2004 | June 2004 | July 2003 (3) | |
| # of Trade Days | 21 | 21 | 22 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 102 | 88 | 110 |
| Share of total U.S. equity market | 2.8% | 2.5% | 2.9% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 473 | 392 | 440 |
| Share of total Nasdaq market | 27.3% | 24.5% | 24.8% |
| U.S. exchange-listed share volume (million shares) | 76 | 59 | 51 |
| Share of total U.S. exchange-listed market | 3.8% | 3.1% | 2.6% |
| Total U.S. equity share volume (million shares) | 549 | 451 | 491 |
| Share of total U.S. equity market | 14.8% | 13.0% | 13.2% |
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 Institutional Broker" in our Form 10-Q for the fiscal quarter ended June 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 June 30, 2004.
- Represents Inet ATS, Inc. volume, including volume from ProTrader Securities L.P. beginning the week ended 10/5/01 through 7/22/03.
