Let There Be Light - US Edition

• Dark pools executed approximately 13.55% of US equity volume last month, up 8 bps from March’s 13.47%
• Dark-pool average daily volume fell 15.08% m/m, to 1.59 billion shares, while consolidated ADV dropped 15.58% m/m
• A high VIX appears to have depressed large-size activity from January through March
• The first quarter also saw a slight decline in retail wholesaling activity. ATS and capital commitment/manual crossing market share ticked up a bit, while SDPs and off-exchange closing auction market share were little-changed.
• Hidden orders on lit markets executed 8.24% of US volume in April, down 26 bps from March.

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