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Let There Be Light - US Edition

August 21, 2020

• 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

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