Market Structure Reports

• Dark pools executed approximately 14.24% of US equity volume last month, up 47 bps from October's 13.77%
• Dark-pool average daily volume dropped 6.21% m/m, to 1.10 billion shares, but consolidated ADV decreased by a greater rate of 9.30% m/m
• IntelligentCross and MS RPool were the top gainers among dark pools
• Block pools were a mixed bag last month despite an increase in volatility, which generally leads to less blocks  
• Hidden orders on lit markets executed 8.59% of US volume in November, up 17 bps m/m