In May 2005, Instinet's total average daily U.S. equity share volume was 89 million shares, which represents a 2.3% share of the U.S. equity market. This compares to 106 million shares, or 2.5% of the U.S. equity market, in April 2005, and 104 million shares, or 2.7% of the U.S. equity market, in May 2004.
In May 2005, INET's total matched average daily U.S. equity share volume was 507 million shares, or 13.3% of the U.S. equity market. This volume consisted of 428 million shares of NASDAQ-listed stocks, or a 25.6% share of the NASDAQ-listed market, and 79 million shares of U.S. exchange-listed stocks, or 3.7% of the U.S. exchange-listed market.
This compares to INET's total matched average daily share volume of 600 million in April 2005, or 14.3% of the U.S equity market, consisting of 507 million shares of NASDAQ-listed stocks, or a 27.7% share of the NASDAQ-listed market, and 93 million shares of U.S. exchange-listed stocks, or 3.9% of the U.S. exchange-listed market.
In May 2004, INET's total matched average daily share volume was 507 million shares, or 13.4% of the U.S equity market, consisting of 426 million shares of NASDAQ-listed stocks, or a 25.6% share of the NASDAQ-listed market, and 81 million shares of U.S. exchange-listed stocks, or 3.8% 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."
| May 2005 | April 2005 | May 2004 | |
| # of Trade Days | 21 | 21 | 20 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 89 | 106 | 104 |
| Share of total U.S. equity market | 2.3% | 2.5% | 2.7% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 428 | 507 | 426 |
| Share of total Nasdaq market | 25.6% | 27.7% | 25.6% |
| U.S. exchange-listed share volume (million shares) | 79 | 93 | 81 |
| Share of total U.S. exchange-listed market | 3.7% | 3.9% | 3.8% |
| Total U.S. equity share volume (million shares) | 507 | 600 | 507 |
| Share of total U.S. equity market | 13.3% | 14.3% | 13.4% |
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 has been restated to include volume of Bridge Trading Company 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-Q for the fiscal quarter ended March 31, 2005.
- 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-Q for the fiscal quarter ended March 31, 2005.
