In September 2004, Instinet's total average daily U.S. equity share volume was 94 million shares, which represents a 2.8% share of the U.S. equity market. This compares to 89 million shares, or 2.8% of the U.S. equity market, in August 2004, and 103 million shares, or 2.6% of the U.S. equity market, in September 2003.
In September 2004, INET's total matched average daily U.S. equity share volume was 439 million shares, or 13.1% of the U.S. equity market. This volume consisted 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.
This compares to INET's total matched average daily share volume of 430 million in August 2004, or 13.7% of the U.S. equity market, consisting of 363 million shares of NASDAQ-listed stocks, or a 25.9% share of the NASDAQ-listed market, and 67 million shares of U.S. exchange-listed stocks, or 3.9% of the U.S. exchange-listed market.
In September 2003, INET's total matched average daily share volume was 499 million shares, or 12.6% of the U.S. equity market, consisting of 449 million shares of NASDAQ-listed stocks, or a 23.1% 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."
| September 2004 | August 2004 | September 2003 (3) | |
| # of Trade Days | 21 | 22 | 21 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 94 | 89 | 103 |
| Share of total U.S. equity market | 2.8% | 2.8% | 2.6% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 367 | 363 | 449 |
| Share of total Nasdaq market | 24.4% | 25.9% | 23.1% |
| U.S. exchange-listed share volume (million shares) | 72 | 67 | 50 |
| Share of total U.S. exchange-listed market | 3.9% | 3.9% | 2.5% |
| Total U.S. equity share volume (million shares) | 439 | 430 | 499 |
| Share of total U.S. equity market | 13.1% | 13.7% | 12.6% |
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 June 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 June 30, 2004.
