Market Structure Reports

• Dark pools executed approximately 14.00% of US equity volume last month, down 73 bps from August’s 14.73%
• Dark-pool average daily volume increased 6.66% m/m, to 965.5 million shares, as consolidated ADV increased by a greater margin of 12.23% m/m
• Block pools were a mixed bag in September, with some among the top gainers while others fared the worst  
• Hidden orders on lit markets executed 8.29% of US volume in September, up 5 bps m/m
• We add new estimated volume for IntelligentCross, provide context about the latest Credit Suisse settlement, and dive into recent TRF trends