Let There Be Light - US Edition

• Dark pools executed approximately 13.75% of US equity volume last month, down 107 bps from November’s 14.82%
• Dark-pool average daily volume fell 10.94% m/m, to 1.48 billion shares, while consolidated ADV declined 4.00% m/m
• Single-dealer platforms excelled last month, while it was more challenging for block pools
• Pending SEC approval, IntelligentCross intends to begin displaying quotations on FINRA’s Alternative Display Facility
• Hidden orders on lit markets executed 9.03% of US volume in December, down 22 bps from November

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