In September 2005, Instinet's total average daily U.S. equity share volume was 108 million shares, which represents a 2.7% share of the U.S. equity market. This compares to 94 million shares, or 2.6% of the U.S. equity market, in August 2005, and 91 million shares, or 2.7% of the U.S. equity market, in September 2004.
In September 2005, INET's total matched average daily U.S. equity share volume was 549 million shares, or 13.5% of the U.S. equity market. This volume consisted 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.
This compares to INET's total matched average daily share volume of 489 million in August 2005, or 13.5% of the U.S equity market, consisting of 393 million shares of NASDAQ-listed stocks, or a 25.8% share of the NASDAQ-listed market, and 96 million shares of U.S. exchange-listed stocks, or 4.6% of the U.S. exchange-listed market.
In September 2004, INET's total matched average daily share volume was 439 million shares, 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.
Instinet Group reports additional monthly operating data on its website at www.instinetgroup.com under the heading "Investor Relations - Instinet Trading Activity."
(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.
| September | September 2005 | August 2005 | September 2004 |
| # of Trade Days | 21 | 23 | 21 |
| Instinet (1) | |||
| Total U.S. equity average daily volume (million shares) | 108 | 94 | 91 |
| Share of total U.S. equity market | 2.7% | 2.6% | 2.7% |
| INET - Matched Average Daily Volume (2) | |||
| Nasdaq-listed equity share volume (million shares) | 437 | 393 | 367 |
| Share of total Nasdaq market | 26.1% | 25.8% | 24.4% |
| U.S. exchange-listed share volume (million shares) | 112 | 96 | 72 |
| Share of total U.S. exchange-listed market | 4.7% | 4.6% | 3.9% |
| Total U.S. equity share volume (million shares) | 549 | 489 | 439 |
| Share of total U.S. equity market | 13.5% | 13.5% | 13.1% |
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.
- 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 June 30, 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 June 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.
