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Let There Be Light - US Edition

February 22, 2021

• Dark pools executed approximately 12.17% of US equity volume last month, down 1 bp from December’s 12.18%

• Dark-pool average daily volume jumped 41.45% m/m, to 1.90 billion shares, while consolidated ADV increased 41.52% m/m

• Single-dealer platforms Virtu VEQ-Link and Citadel Connect became the top-volume dark pools

• Block pools had a mixed month

• Hidden orders on lit markets executed 7.85% of US volume in January, down 7 bps from December

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