• Dark pools executed approximately 15.39% of US equity volume last month, up 51 bps from December’s 14.88%
• Dark-pool average daily volume decreased 3.56% m/m, to 1.78 billion shares, while consolidated ADV fell 6.73% m/m
• This month we’ve added a new section, ATS Segmentation Breakdowns, with data from select ATSs that publish percentages of volume coming from various participant segments
• In our quarterly off-exchange breakdown, the retail wholesaling component continued to fall, down to its lowest level since the onset of the Covid-19 pandemic
• Hidden orders on lit markets executed 8.47% of US volume in January, up 30 bps from December
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