Market Structure Reports

• Dark pools executed approximately 13.80% of US equity volume last month, up 125 bps from December’s 12.55%
• Dark-pool average daily volume fell 7.58% m/m, to 1.07 billion shares, but consolidated ADV declined by a greater margin of 15.95% m/m
• Block pools were a mixed bag last month, but Instinet BlockCross moved up to the third highest block ADV slot in the fourth quarter of last year  
• SEC has launched a Form ATS-N landing website
• Hidden orders on lit markets executed 8.15% of US volume in January, up 13 bps m/m