Let There Be Light: US Edition

• Dark pools executed approximately 15.54% of US equity volume last month, down 46 bps from May’s 16.00%
• Dark-pool average daily volume decreased 7.40% m/m, to 1.85 billion shares, while consolidated ADV slid 4.65% m/m
• Single-dealer platforms, which in May rode a boom in trading of sub-dollar names to market-share gains, returned to previous levels
• Despite the VIX average close falling to its lowest level since 2019, block pools mostly struggled last month
• Hidden orders on lit markets executed 8.81% of US volume in June, up 24 bps from May

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