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Let There Be Light - US Edition

May 27, 2020
  • 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

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