• Dark pools executed approximately 17.15% of US equity volume last month, down 94 bps from April’s 18.09%
• Dark-pool average daily volume fell 13.68% m/m, to 3.02 billion shares, while consolidated ADV contracted 8.96% m/m
• All single-dealer platforms gained ground in May
• Most block ATSs had a challenging month, but BIDS was the category’s lone bright spot
• Hidden orders on lit markets executed 9.90% of US volume in May, down 103 bps from April
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