Let There Be Light: US Edition

• Dark pools executed approximately 17.83% of US equity volume last month, up 29 bps from February’s 17.54%
• Dark-pool average daily volume rose 4.18% m/m, to 2.85 billion shares, while consolidated ADV increased by a smaller margin of 2.50% m/m
• The top performing dark-pool venue in March was IntelligentCross, which also became the largest, surpassing both UBS ATS and Citadel Connect SDP
• Block ATSs were among the worst performing in March, while SDPs were a mixed bag
• Blue Ocean has become a fair access ATS in certain symbols, the first ATS to allow trading in symbols meeting the fair access threshold
• Hidden orders on lit markets executed 10.11% of US volume in March, up 55 bps from February

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