- Dark pools executed approximately 13.89% of US equity volume last month, down 19 bps from March’s 14.08%
- Dark-pool average daily volume fell 22.15% m/m, to 1.72 billion shares, while consolidated ADV dropped 21.09% m/m
- Single-dealer platforms had the biggest m/m gains last month, while it was a mixed bag for ATSs
- We provide commentary on the new Stifel ATS and Liquidnet Negotiation material amendment
- Hidden orders on lit markets executed 9.11%% of US volume in April, down 457 bps from March