| An SI Board Since May 2001 |
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INGP |
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Web site: instinet.com
From the S-1:
We are the world's largest electronic agency securities broker and have been providing investors with electronic trading solutions for more than 30 years. We operate an e-financial marketplace where buyers and sellers worldwide can trade securities directly and anonymously with each other, gain price improvement for their trades and lower their overall trading costs. Through our electronic platforms, our customers also can access 40 securities markets throughout the world, including Nasdaq, the NYSE and stock exchanges in Frankfurt, Hong Kong, London, Paris, Sydney, Tokyo, Toronto and Zurich. We also provide our customers with access to research generated by us and by third parties, as well as various informational and decision-making tools. Unlike most traditional broker-dealers, we act solely as an agent for our customers and do not trade securities for our own account or maintain inventories of securities for sale.
We have experienced significant business growth over the past five years. Our average daily trading volume in the shares of companies listed on the NYSE or quoted in Nasdaq has increased at a compound annual rate of 33%, from 63.8 million shares in 1995 to 264.7 million shares in 2000. During the same period, our market share of reported NYSE and Nasdaq share volumes increased from 7.8% to 8.9%. During 2000, our customers used our systems to execute 82.4 million transactions in U.S. equity securities, and 5.2 million transactions in equity securities traded in 30 markets outside the United States. In the United States, our customers include institutional investors that, as of December 31, 2000, accounted for approximately 98% of the $10.7 trillion of equity assets under management of the 500 largest investment management firms identified in Nelson's Directory of Investment Managers 2000, as well as more than 700 broker dealers. As a result of this business growth, our revenues increased from $418.8 million in 1995 to $1.4 billion in 2000. During the same period, our net income increased from $73.7 million to $148.2 million. However, in part because of expenses associated with our efforts to expand and diversify our business since 1998, our net income declined in 1999 and has remained below the 1998 level, despite a slight increase from 1999 to 2000.
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