Let There Be Light: US Edition

• Dark pools executed approximately 18.37% of US equity volume last month, up 52 bps from December’s 17.85%.
• Dark-pool average daily volume rose 25.94% m/m, to 3.57 billion shares. Consolidated ADV climbed 22.40% m/m.
  
• Block pools were among the outperformers last month, with Luminex leading the pack.
  
• The percentage of institutional ATS volume done as blocks fell to a fourth consecutive record low of 3.32% in Q42025.
  
• Total retail market share hit a two-year low in December.
  
• Hidden orders on lit markets executed 10.55% of US volume in January, down 56 bps from December.

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