- Dark pools executed approximately 11.77% of US equity volume last month, down 49 bps from August’s 12.26%
- Dark-pool average daily volume rose 4.39% m/m, to 1.18 billion shares, while consolidated ADV increased 8.70% m/m
- Smaller single-dealer platforms excelled last month while larger SDPs did not fare nearly as well
- We provide commentary on the recent acquisition announcements for block pools, BIDS and Liquidnet
- Hidden orders on lit markets executed 7.87% of US volume in September, up 31 bps from August