In October 2005, Instinet's total average daily U.S. equity share volume was 124 million shares, which represents a 2.7% share of the U.S. equity market. This compares to 108 million shares, or 2.7% of the U.S. equity market, in September 2005, and 114 million shares, or 2.9% of the U.S. equity market, in October 2004.
In October 2005, INET's total matched average daily U.S. equity share volume was 632 million shares, or 14.0% of the U.S. equity market. This volume consisted of 479 million shares of NASDAQ-listed stocks, or a 26.8% share of the NASDAQ-listed market, and 153 million shares of U.S. exchange-listed stocks, or 5.6% of the U.S. exchange-listed market.
This compares to INET's total matched average daily share volume of 549 million in September 2005, or 13.5% of the U.S. equity market, consisting of 437 million shares of NASDAQ-listed stocks, or a 26.1% share of the NASDAQ-listed market, and 112 million shares of U.S. exchange-listed stocks, or 4.7% of the U.S. exchange-listed market.
In October 2004, INET's total matched average daily share volume was 531 million shares, 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.
Instinet Group reports additional monthly operating data on its website at www.instinetgroup.com under the heading "Investor Relations - Instinet Trading Activity."
October September October
2005 2005 2004
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# of Trade Days 21 21 21
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Instinet (1)
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Total U.S. equity average daily volume
(million shares) 124 108 114
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Share of total U.S. equity market 2.7% 2.7% 2.9%
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INET - Matched Average Daily Volume (2)
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NASDAQ-listed equity share volume (million
shares) 479 437 442
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Share of total NASDAQ market 26.8% 26.1% 25.6%
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U.S. exchange-listed share volume (million
shares) 153 112 89
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Share of total U.S. exchange-listed market 5.6% 4.7% 4.1%
------------------------------------------ --------- ---------- ------
Total U.S. equity share volume (million
shares) 632 549 531
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Share of total U.S. equity market 14.0% 13.5% 13.6%
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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. All historical Instinet
volume has been restated to include volume of Bridge Trading Company
which was acquired on March 31, 2005 and to exclude LJR which was sold
on July 1, 2005 and reclassified as discontinued operations on the
Company's Statement of Operations.
1. 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, 2005.
2. 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 September 30, 2005.
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.
About Instinet Group
Instinet Group, through affiliates, is the largest global electronic agency securities broker and has been providing investors with electronic trading solutions and execution services for more than 30 years. We operate our two major businesses through Instinet, LLC, The Institutional Broker, and Inet ATS, Inc., The electronic marketplace.
-- Instinet, The Institutional Broker, gives its customers the
opportunity to use its sales-trading expertise and advanced
technology tools to interact with global securities markets,
improve trading performance and lower overall transaction
costs. Through Instinet's electronic platforms, customers can
access other U.S. trading venues, including NASDAQ and the
NYSE, and almost 30 securities markets throughout the world.
Instinet acts solely as an agent for its customers, including
institutional investors, such as mutual funds, pension funds,
insurance companies and hedge funds.
-- INET, The electronic marketplace, represents the consolidation
of the order flow of the former Instinet ECN and former Island
ECN, providing its U.S. broker-dealer customers one of the
largest liquidity pools in NASDAQ-listed securities.
This press release is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
(C)2005 Instinet Group Incorporated and its affiliated companies. All rights reserved. INSTINET and INET are service marks in the United States. Instinet, LLC (branded Instinet, The Institutional Broker), member NASD/SIPC, Inet ATS, Inc. (branded INET, The electronic marketplace), member NASD/NSX/SIPC are subsidiaries of Instinet Group Incorporated, which is part of the Reuters family of companies.
This news release June be deemed to include forward-looking statements relating to Instinet Group. Certain important factors that could cause actual results to differ materially from those disclosed in such forward-looking statements are included in Instinet Group's Annual Report on Form 10-K for the fiscal year ended December 31, 2004, and other documents filed with the SEC and available on the Company's website at www.investor.instinetgroup.com.
(1) On July 1, 2005 Instinet Group sold Lynch Jones & Ryan, Inc. (LJR) to The Bank of New York. All historical statistical disclosures have been restated to exclude LJR share volume and revenue capture per share (previously disclosed within Institutional and Crossing) to be consistent with the historical re-classification of LJR results to discontinued operations on the Company's income statement.
