Instinet's U.S. equity share volume in April comprised 9,194 million shares of NASDAQ-listed stocks and 1,703 million shares of exchange-listed stocks.(1)
Instinet's estimated total U.S. equity market share in April 2003 was 15.5%. Estimated share of NASDAQ-listed volume was 29.9%, and of exchange-listed volume was 4.3%.(2)
Instinet's average net transaction fee revenue per U.S. equity share per side was 0.19 cents in April 2003. (3)
U.S. Equity Shares Traded by Instinet (1) | Market Share (Instinet (1) volume as percent of total market volume) (2) | Average Net U.S. Equity Transaction Fee Revenue (3) | ||||||
Million Shares | # | |||||||
Month | # Trade Days | NASDAQ - Listed (4) | Exchange - Listed | Total U.S. | NASDAQ- Listed | Exchange - Listed | Total U.S. | U.S. Cents Per Equity Share Per Side |
Apr- 03 | 21 | 9,194 | 1,703 | 10,987 | 29.9 | 4.3 | 15.5 | 0.19 |
Mar- 03 | 21 | 9,584 | 1,864 | 11,448 | 30.4 | 4.6 | 15.9 | 0.20 |
Apr- 02 | 22 | 4,807 | 979 | 5,786 | 12.3 | 2.8 | 7.8 | 0.42 |
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.
- Represents Instinet Group Incorporated volume from all sources, including the Island ECN beginning the week ended 9/27/02, ProTrader Securities L.P. beginning the week ended 10/5/01, and Instinet Corporation.
- Market share information may be subject to change when NASDAQ posts its final volume statistics.
- Net equity transaction fee revenue is presented net of "Soft Dollar and Commission Recapture" and "Broker-Dealer Rebate" expenses. The required accounting for our soft dollar and commission recapture businesses requires us to record transaction fee revenues on a gross basis, inclusive of revenue which is associated with our soft dollar and commission recapture expenses and broker dealer rebates.
- For a description of how we calculate our NASDAQ volumes, see "Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Statistical Information-NASDAQ Volume Calculations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2002.