• Dark pools executed approximately 11.90% of US equity volume last month, up 43 bps from June’s 11.47%
• Dark-pool average daily volume fell 17.80% m/m, to 1.25 billion shares, while consolidated ADV dropped 20.74% m/m
• Single-dealer platforms continue to perform well while block pools struggle
• We provide commentary on three new ATS material amendments
• Hidden orders on lit markets executed 7.65%% of US volume in July, down 28 bps from June