Let There Be Light - US Edition

• Dark pools executed approximately 14.04% of US equity volume last month, up 47 bps from April’s 13.57%
• Dark-pool average daily volume rose 16.32% m/m, to 1.85 billion shares, while consolidated ADV climbed 12.44% m/m
• Last month was a mixed bag for both block ATSs and single-dealer platforms
• BofA Securities Instinct X volume rebounded last month after dropping in April when the ATS migrated in stages to Nasdaq’s OCEAN
• Hidden orders on lit markets executed 8.66% of US volume in May, up 42 bps from April

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