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Let There Be Light - US Edition

July 23, 2020
  • Dark pools executed approximately 11.48% of US equity volume last month, down 139 bps from May’s 12.87%
  • Dark-pool average daily volume grew 4.76% m/m, to 1.53 billion shares, while consolidated ADV climbed 17.46% m/m
  • Single-dealer platforms have taken a bigger share of total dark volume as ATS block trading has retreated from elevated, early-pandemic levels
  • We provide commentary on three new ATS material amendments
  • Hidden orders on lit markets executed 7.93%% of US volume in June, down 73 bps from May

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