Instinet LLCreported average daily volume for Q2 of 2009 that was 377, 267,700 million shares, a decline of 2.8 percent from a year ago, according to its global parent Instinet Incorporated.

But CBX, the agency broker's dark pool, reported a 42 percent increase in average daily volume, up to 47,040,076 million shares versus the second quarter of 2008. This reflects double counting since commissions are earned on both sides of the trade.

Instinet's algorithms generated a 23 percent growth in average daily volume of 80,319,476 shares, according to the Q2 report.

"Amid a U.S. equity market that has experienced a dramatic shift in volume demographics, we have successfully maintained daily volumes and continued to grow our CBX dark pool and the Instinet Execution Experts algorithmic platform," stated Anthony Abenante, co-CEO of Instinet Incorporated, which reported the volume figures for its U.S.-based subsidiary in a release. "We see this as proof that we are effectively executing our agency-only model and have built a very strong and diverse client base," Abenante further stated in the release.