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Let There Be Light - US Edition

January 27, 2020

December:

  • Dark pools executed approximately 13.17% of US equity volume last month, down 137 bps from November’s 14.53%
  • Dark-pool average daily volume decreased 9.48% m/m, to 903.3 million shares, while consolidated ADV slipped 0.09% m/m
  • We provide commentary on a new effective ATS, BofA Securities’ Global Conditional Cross, as well as the latest material amendments
  • Hidden orders on lit markets executed 8.41%% of US volume in December, down 50 bps from November

Year-in-Review:

  • Dark-pool market share slumped to 13.93% in 2019, the lowest market share in nine years
  • Dark-pool share has dropped for the past four years as other TRF market share has increased to nearly a quarter of total equities volume
  • Market-maker platforms, which overtook independent/agency ATSs as the second-biggest category in 2018, increased their lead over those pools last year
  • Like the broader dark-pool universe, block-focused pools also had an off year, as the percentage of ATS volume done in block size fell 52 bps y/y, to 8.92%
  • We offer key takeaways on the regulatory and competitive environment for dark pools in 2019
       

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