Market, SuperSOES To Blame for Instinet Income Decline
EARNINGS REPORT
NEW YORK--Instinet reported a decline in third quarter net income, plus a drop in its Nasdaq-listed share volume, with the blame squarely placed on difficult market conditions and Nasdaq's new SuperSOES order entry system.
Revenue from electronic brokerage declined 3.3 percent to $326.8 million in the third quarter, while net income declined 16.3 percent to $28.8 million. The firm noted that while its share of Nasdaq-listed volume increased year-over-year, to 13.5 percent, that figure decreased
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