Market Structure Reports

• Dark pools executed approximately 14.18% of US equity volume last month, up 15 bps from August’s 14.03%

• Dark-pool average daily volume rose 0.36% m/m, to 1.02 billion shares, while consolidated ADV declined 0.67% m/m

• Five dark pools had ADV increases of 20%+ and most block-focused pools also gained volume

• We provide commentary on the new Form-ATS-N material amendments

• Hidden orders on lit markets executed 8.85% of US volume in September, down 11 bps from August