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Let There Be Light - US Edition

June 24, 2020

• Dark pools executed approximately 12.88% of US equity volume last month, down 84 bps from April’s 13.72%

• Dark-pool average daily volume fell 13.97% m/m, to 1.46 billion shares, while consolidated ADV dropped 8.34% m/m

• Block-focused venues had an especially hard time last month while single-dealer platforms generally fared better

• We provide commentary on four new ATS material amendments and one Form ATS-N refiling

• Hidden orders on lit markets executed 8.67% of US volume in May, down 44 bps from April

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