Let There Be Light: US Edition

• Dark pools hit another new record-high market share last month, executing approximately 19.38% of US equity volume, up 16 bps from April’s 19.22%
  
• Dark-pool average daily volume rose 9.77% m/m, to 3.76 billion shares, as consolidated ADV climbed 8.89% m/m
  
• The top gainer in May was Liquidnet Negotiation, which was the worst-performing block pool the previous month
  
• Single-dealer platforms, which mostly excelled in April, by and large lost ground last month
  
• Hidden orders on lit markets executed 11.93% of US volume in May, up 49 bps from April

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