• Dark pools executed approximately 16.96% of US equity volume last month, down 44 bps from October’s 17.40% (adjusted from 17.34%)
• Dark-pool average daily volume increased 21.99% m/m, to 2.48 billion shares, while consolidated ADV rose 25.17% m/m
• 14 of the 34 pools in our universe beat the 25.17% increase in consolidated volume
• Most block-focused ATSs outpaced the growth in consolidated volume, while SDPs lagged
• Blue Ocean, Citi-ONE and Luminex filed material Form ATS-N Amendments
• Hidden orders on lit markets executed 9.13% of US volume in November, down 7 bps from October
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