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Let There Be Light - US Edition

December 18, 2019
  • Dark pools executed approximately 14.55% of US equity volume last month, down 7 bps from October’s 14.62%
  • Dark-pool average daily volume increased 4.12% m/m, to 9.99 billion shares, while consolidated ADV rose 4.61% m/m
  • We provide commentary on five material amendment filings to Form ATS-Ns
  • We offer key takeaways about the new FINRA non-ATS off-exchange data
  • Hidden orders on lit markets executed 8.90%% of US volume in November, down 4 bps from October

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