Year-in-Review (Special Section begins on Page 9):
- Off-exchange market share in 2023 increased to 43.97%, surpassing 2021’s record of 43.64%
- Dark pools, which registered their highest market share in six years, drove most of the gain
- Single-dealer platforms claimed a record 30.13% of dark-pool volume in 2023 while bulge-bracket dark-pool market share continued to fall
- ATS block market share fell to another record low in 2023, continuing a long decline
- Dark pools face significant regulatory uncertainty, as the industry awaits actions on several SEC proposals
December:
- Dark pools executed approximately 14.97% of US equity volume last month, down 115 bps from November’s 16.12%
- Dark-pool average daily volume increased 8.91% m/m, to 1.85 billion shares, while consolidated ADV jumped 17.29% m/m
- Despite the VIX average close falling to its lowest monthly level in four years, dark-pool market share slumped to a six-month low
- CODA Markets agreed to be acquired by ACS Global Holdings and Piper Sandler’s PJCX ATS ceased operations this month
- Hidden orders on lit markets executed 8.17% of US volume in December, down 75 bps from November
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