Market Structure Reports

• Dark pools executed approximately 14.05% of US equity volume last month, up 28 bps from January’s 13.77%
• Dark-pool average daily volume fell 5.08% m/m, to 1.02 billion shares, but consolidated ADV declined by a greater margin of 6.97% m/m
• Low volatility contributed to all seven block venues in our universe beating consolidated ADV m/m
• Two relatively new dark matching facilities, IntelligentCross and Nasdaq’s Midpoint Extended Life Order, hit volume milestones last month
• Hidden orders on lit markets executed 8.02% of US volume in February, down 14 bps m/m