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In November 2004, Instinet's total average daily U.S. equity share volume was 101 million shares, which represents a 2.5% share of the U.S. equity market. This compares to 114 million shares, or 2.9% of the U.S. equity market, in October 2004, and 102 million shares, or 2.8% of the U.S. equity market, in November 2003.
In November 2004, INET's total matched average daily U.S. equity share volume was 518 million shares, or 13.0% of the U.S. equity market. This volume consisted of 434 million shares of NASDAQ-listed stocks, or a 23.8% share of the NASDAQ-listed market, and 83 million shares of U.S. exchange-listed stocks, or 3.9% of the U.S. exchange-listed market.
This compares to INET's total matched average daily share volume of 531 million in October 2004, or 13.6% of the U.S equity market, consisting of 442 million shares of NASDAQ-listed stocks, or a 25.6% share of the NASDAQ-listed market, and 89 million shares of U.S. exchange-listed stocks, or 4.1% of the U.S. exchange-listed market.
In November 2003, INET's total matched average daily share volume was 484 million shares, or 13.2% of the U.S equity market, consisting of 432 million shares of NASDAQ-listed stocks, or a 23.7% share of the NASDAQ-listed market, and 52 million shares of U.S. exchange-listed stocks, or 2.8% 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."
| November 2004 | October 2004 | November 2003 | |
| # of Trade Days | 21 | 21 | 19 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 101 | 114 | 102 |
| Share of total U.S. equity market | 2.5% | 2.9% | 2.8% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 434 | 442 | 432 |
| Share of total Nasdaq market | 23.8% | 25.6% | 23.7% |
| U.S. exchange-listed share volume (million shares) | 83 | 89 | 52 |
| Share of total U.S. exchange-listed market | 3.9% | 4.1% | 2.8% |
| Total U.S. equity share volume (million shares) | 518 | 531 | 484 |
| Share of total U.S. equity market | 13.0% | 13.6% | 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 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.
