In March 2005, Instinet's total average daily U.S. equity share volume was 105 million shares, which represents a 2.5% share of the U.S. equity market. This compares to 114 million shares, or 2.8% of the U.S. equity market, in February 2005, and 104 million shares, or 2.6% of the U.S. equity market, in March 2004.
In March 2005, INET's total matched average daily U.S. equity share volume was 574 million shares, or 13.8% of the U.S. equity market. This volume consisted of 493 million shares of NASDAQ-listed stocks, or a 26.9% share of the NASDAQ-listed market, and 81 million shares of U.S. exchange-listed stocks, or 3.5% of the U.S. exchange-listed market.
This compares to INET's total matched average daily share volume of 564 million in February 2005, or 13.6% of the U.S equity market, consisting 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.
In March 2004, INET's total matched average daily share volume was 519 million shares, or 12.9% of the U.S equity market, consisting of 456 million shares of NASDAQ-listed stocks, or a 24.3% 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.
Instinet Group reports additional monthly operating data on its website at www.instinetgroup.com under the heading "Investor Relations - Instinet Trading Activity."
| March 2005 | February 2005 | March 2004 | |
| # of Trade Days | 22 | 19 | 23 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 105 | 114 | 104 |
| Share of total U.S. equity market | 2.5% | 2.8% | 2.6% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 493 | 501 | 456 |
| Share of total Nasdaq market | 26.9% | 25.7% | 24.3% |
| U.S. exchange-listed share volume (million shares) | 81 | 63 | 63 |
| Share of total U.S. exchange-listed market | 3.5% | 2.9% | 2.9% |
| Total U.S. equity share volume (million shares) | 574 | 564 | 519 |
| Share of total U.S. equity market | 13.6% | 13.6% | 12.9% |
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. Instinet volume does notinclude volume of Bridge Trading LLC which was acquired on March 31, 2005.
- 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-K for the fiscal year ended December 31, 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 Volumes - INET, The electronic marketplace" in our Form 10-K for the fiscal year ended December 31, 2004.
