Let There Be Light - US Edition

• Dark pools executed approximately 15.08% of US equity volume last month, up 43 bps from March’s 14.65%, and the highest in more than five years
• Dark-pool average daily volume fell 14.95% m/m, to 1.56 billion shares, while consolidated ADV dropped 17.37% m/m
• Earlier this month, the SEC approved a new ATS, CODA’s Retail Auction Market
• We provide the latest quarterly block analysis and off-exchange breakdown
• Hidden orders on lit markets executed 8.66% of US volume in April, down 22 bps from March

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