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In October 2004, Instinet's total average daily U.S. equity share volume was 114 million shares, which represents a 2.9% share of the U.S. equity market. This compares to 94 million shares, or 2.8% of the U.S. equity market, in September 2004, and 107 million shares, or 2.8% of the U.S. equity market, in October 2003.
In October 2004, INET's total matched average daily U.S. equity share volume was 531 million shares, or 13.6% of the U.S. equity market. This volume consisted 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.
This compares to INET's total matched average daily share volume of 439 million in September 2004, or 13.1% of the U.S. equity market, consisting of 367 million shares of NASDAQ-listed stocks, or a 24.4% share of the NASDAQ-listed market, and 72 million shares of U.S. exchange-listed stocks, or 3.9% of the U.S. exchange-listed market.
In October 2003, INET's total matched average daily share volume was 468 million shares, or 12.3% of the U.S equity market, consisting of 418 million shares of NASDAQ-listed stocks, or a 22.9% share of the NASDAQ-listed market, and 50 million shares of U.S. exchange-listed stocks, or 2.5% 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."
| October 2004 | September 2004 | October 2003 (3) | |
| # of Trade Days | 21 | 21 | 23 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 114 | 94 | 107 |
| Share of total U.S. equity market | 2.9% | 2.8% | 2.8% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 442 | 367 | 418 |
| Share of total Nasdaq market | 25.6% | 24.4% | 22.9% |
| U.S. exchange-listed share volume (million shares) | 89 | 72 | 50 |
| Share of total U.S. exchange-listed market | 4.1% | 3.9% | 2.5% |
| Total U.S. equity share volume (million shares) | 531 | 439 | 468 |
| Share of total U.S. equity market | 13.6% | 13.1% | 12.3% |
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 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.
