Normally, when volumes and volatility spike, we see market share move away from dark venues and onto the public exchanges ( $ICE, $NDAQ, IEX, $CBOE, etc...).
Just look at 2018 (blue vs gray in chart) - share went down as volatility rose.
Interesting... a recent development we're seeing in equity markets is a higher share of dark pool trading despite HIGHER volumes & volatility - below data from @CBOE:pic.twitter.com/A3a3CweJJ8
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@SPGlobal research points to one possible reason for the higher dark pool share - a sharp increase in retail users and money flowing into the market. Discount brokers and wholesale market makers (@VirtuFinancial,@citsecurities, etc...) are internalizing the new flow:pic.twitter.com/DuCLVovFS8
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