Instinet's U.S. equity share volume in December consisted of 11,006 million shares of NASDAQ-listed stocks and 1,874 million shares of exchange-listed stocks. (1)
Instinet's estimated total U.S. equity market share in December was 17.0%. Estimated share of NASDAQ-listed volume was 31.3%(2), and of exchange-listed volume was 4.6%.
Instinet's average net transaction fee revenue per U.S. equity share per side in December was 0.17 cents. (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 |
Dec- 03 | 22 | 11,006 | 1,874 | 12,880 | 31.3 | 4.6 | 17.0 | 0.17 |
Nov- 03 | 19 | 9,938 | 1,506 | 11,444 | 29.0 | 4.2 | 16.3 | 0.17 |
Dec- 02 | 21 | 8,495 | 1,535 | 10,030 | 28.8 | 4.4 | 15.5 | 0.18 |
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 Inet ATS, Inc. (formerly The Island ECN, Inc.), ProTrader Securities L.P. beginning the week ended 10/5/01 through 7/22/03, and Instinet, LLC (formerly 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 transaction volumes, see "Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Statistical Information" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2002.