Let There Be Light: US Edition

• Dark pools executed approximately 17.57% of US equity volume last month, down 77 bps from February’s 18.34%
  
• Dark-pool average daily volume fell 1.92% m/m, to 3.60 billion shares. Consolidated ADV climbed 2.36% m/m
  
• Four SDPs were among the five venues in our universe that surpassed the increase in consolidated volume, while all block pools lagged behind
  
• The SEC approved a new ATS last month: Mosaic
  
• Hidden orders on lit markets executed 10.84% of US volume in March, down 67 bps from February

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