Let There Be Light: US Edition

• Dark pools executed approximately 16.47% of US equity volume last month, up 103 bps from May’s 15.44% and an eight-year high
• Dark-pool average daily volume increased 0.72% m/m, to 1.85 billion shares, while consolidated ADV fell 5.59% m/m
• Both single-dealer platforms and block pools performed well last month
• We provide the latest quarterly block analysis and off-exchange breakdown
• Hidden orders on lit markets executed 8.74% of US volume in July, down 7 bps from June

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