Let There Be Light - US Edition

• Dark pools executed approximately 14.13% of US equity volume last month, up 54 bps from June’s 13.59%
• Dark-pool average daily volume fell 12.45% m/m, to 1.52 billion shares, while consolidated ADV dropped 15.81% m/m
• Last month was a mixed month for block ATSs
• In our latest quarterly block-trading analysis, the percentage of institutional ATS volume done as blocks was at a four-year low
• Hidden orders on lit markets executed 8.33% of US volume in July, down 191 bps from June.

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