Market Structure Reports

• Dark pools executed approximately 13.07% of US equity volume last month, down 103 bps from February’s 14.10%
• Dark-pool average daily volume fell 3.36% m/m, to 986.0 million shares, while consolidated ADV increased by a greater margin of 4.33% m/m
• Despite lower volatility last month compared with February, block-focused dark pools failed to beat the rise in consolidated volume and were among the worst performing venues
• IntelligentCross plans to launch a new order book, ASPEN, that will bring its machine learning technology to trading at the bid and offer
• Hidden orders on lit markets executed 7.88% of US volume in March, down 13 bps m/m