Let There Be Light: US Edition

• Dark pools executed approximately 16.50% of US equity volume last month, up 73 bps from December’s 15.77%
• Dark-pool average daily volume rose 9.80% m/m, to 2.55 billion shares, while consolidated ADV increased by a smaller margin of 4.97% m/m
• PureStream was the top performing pool last month and block ATSs also did well, while single-dealer platforms were a mixed bag
• We provide the latest quarterly block analysis and off-exchange breakdown
• Hidden orders on lit markets executed 9.01% of US volume in January, up 36 bps from December

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