Australian Block Market Share report – April 2025
With the expertise of our Quantitative Analytics team, we compile a monthly report on Australian block market share – to give consistent and transparent data to share key insight in the Australian market.
Want to receive the complete Block Market Share report each month?
Inform us of your interest to receive the monthly Block Market Share report to keep up to date with key Australian block market insights.
ASX200 strengthened 2.17% in April after March’s markdown, although volatility continued. The ASX 200 VIX averaged 14.2 in April, versus 16.3 in March, though volatility remained above pre-conflict levels as the Iran war and associated headline risk continued. Broader sentiment continued to be shaped by geopolitical uncertainty, alongside persistent concerns around private credit and AI-driven disruption. the market contended with another mega-cap de‑rating (COH), an active confession season into the Macquarie Conference, and a well-telegraphed Federal Budget. Collectively, these factors contributed to relative underperformance versus global indices.
Block trading was again subdued across most metrics
Average daily block turnover of $673m, -11.9% vs the 12‑month average of $764m.
Just 167 blocks/day executed, versus a 12‑month average of 186 (-10.2%).
Blocks accounted for 7.0% of total market notional, vs 12‑month average of 8.0%.
Average daily notional traded was inline with the 12‑month average of $9.6bn.
Only two >$1bn days of blocks.
In a subdued month, block market share was relatively diversified – with a longer tail (top 10 accounted for 81.9% market share vs a 12 month average of 84.7%). BJ had a strong showing with 15.4% overall market share – particularly strong in large caps, while MS were strong in Megacaps again. BJ also took out largest number of blocks by count (391), while Jefferies recorded the largest average block size at $9.27m. Agency venue block turnover also more subdued relative to the prior two months, back to $941m in April vs average of $808m.
Methodology
We have used ASIC definitions of a block (according to Tiers) instead of an arbitrary dollar value, and then cleaned the data by only incorporating blocks between 10:00 - 16:11. Any blocks done at PDC or open prices are also excluded. ETF trades are excluded.
© 2026 Liquidnet, Inc. is a member of FINRA/SIPC/NFA. Liquidnet Europe Limited is authorised and regulated by the Financial Conduct Authority in the UK. TP ICAP (EUROPE) SA is authorised by the Autorité de Contrôle Prudentiel et de Résolution and regulated by the Autorité des Marchés Financiers and is a remote member of the Warsaw Stock Exchange. TP ICAP Markets Limited is authorised and regulated by the Financial Conduct Authority in the UK. Liquidnet Canada Inc. is a member of the Canadian Investment Regulatory Organization and a member of the Canadian Investor Protection Fund. Liquidnet Asia Limited is regulated by the Hong Kong Securities and Futures Commission for Type 1 and Type 7 regulated activities and is regulated by the Monetary Authority of Singapore as a Recognized Market Operator. Liquidnet Japan Inc. is regulated by the Financial Services Agency of Japan and is a member of JSDA/JIPF. Liquidnet Australia Pty Ltd. is registered with the Australian Securities and Investment Commission as an Australian Financial Services Licensee, AFSL number 312525. Liquidnet Singapore Private Limited is regulated by the Monetary Authority of Singapore as a Capital Markets Services Licensee, CMSL number CMS 100757-1. All of the above entities are part of TP ICAP Group plc.