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Let There Be Light - US Edition

November 23, 2020

• Dark pools executed approximately 12.61% of US equity volume last month, up 83 bps from September’s 11.78%

• Dark-pool average daily volume fell 2.69% m/m, to 1.15 billion shares, while consolidated ADV decreased 9.11% m/m

• For the second consecutive month, smaller single-dealer platforms mostly performed better than their larger rivals

• Overall block trading continues to suffer, with activity at both ATSs and non-ATS OTC firms declining again in the third quarter as a percentage of total trading

• Hidden orders on lit markets executed 8.19% of US volume in October, down 26 bps from September

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