For the month ended September 27, 2002, U.S. trading volumes were 556 million shares for POSIT®, 884 million shares for Client-Site Trading Products, and 402 million shares for the Electronic Trading Desk. For the quarter ended September 27, 2002, U.S. trading volumes were 1.8 billion shares for POSIT, 3.3 billion shares for Client Site Trading Products, and 1.2 billion shares for the Electronic Trading Desk. Average product revenues per share across all three U.S. product lines approximated 1.31 cents per share for the third quarter. This data excludes all operations outside the United States and excludes statistics for Hoenig & Co. Inc., which ITG acquired on September 3, 2002. There were 19 trading days in the month of September and 63 trading days for the quarter ended September 27, 2002.
This is the first regular report that ITG has released that includes volume statistics for all three lines of the company's core US business -- POSITÒ, the Electronic Trading Desk and Client-Site Trading Products. From now on, these U.S. statistics for the core businesses will be released monthly approximately five business days after the close of each month. Monthly data is preliminary and, accordingly, may be revised in subsequent updates and public filings. The data will be posted on ITG's web site, http://www.itginc.com, and will also be available via a downloadable spreadsheet file. ITG will no longer release weekly POSIT statistics.
"The Electronic Trading Desk and Client-Site Trading Products have grown from a combined 43% of our U.S. revenues in 1999 to 53% in the first half of this year," said Robert J. Russel, ITG's Chief Executive Officer. "They are a major part of our diversification strategy, along with our international expansion and our penetration of the hedge fund market via Hoenig. Reporting monthly volume statistics for the three core U.S. business lines will provide investors a better picture of the company's U.S. performance."
