Australian Block Market Share report – July 2026
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.
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The ASX200 rose 2.26% in July as volatility declined further, with the ASX 200 VIX averaging 11.3 in July, down from 12.4 in June, despite intermittent geopolitical headlines and pockets of weakness across global technology stocks. Australia was a relative outperformer – relatively insulated from the AI volatility evident across Asia and the US, and additionally – late in the month we rallied on account of a soft CPI print that saw rate hike expectations dialled back, alongside RBA Governor Bullock's speech which, while balanced in tone, was interpreted by markets as leaving the door open to easing. This was against a backdrop of school holidays, the pending earnings season and a dearth in block activity and turnover generally ($192.4B vs a 12 month average of $209.3B).
We all knew just how quiet July felt, but the numbers highlight the extent of the slowdown:
Average daily block turnover: $457m, versus a 12-month average of $733m (-37.7%)
Average blocks per day: 134/day, versus a 12-month average of 182 (-26.4%)
Blocks represented just 5.5% of market turnover, vs the 12-month average of 7.4%
Not one day of blocks above $1bn, largest day just $792m
UBS back with a strong month (14% market share) – on account of their market share in Large and Mid caps especially. JPMorgan moved back into the top five at the expense of Macquarie, whose activity was more subdued in the absence of meaningful transition flow. Despite the exceptionally quiet month, overall market share concentration remained stable, with the top 10 brokers accounting for 83.7% of block turnover versus a 12-month average of 84.3%. Unsurprisingly blocks count was low, and quite concentrated across the top six brokers - with BJ in number one with 317 blocks. In terms of average block size, Jefferies finished in number one at $6.33m, consistent with its ranking over the preceding 12 months. Agency venues/brokers had a comparatively strong month at $941m or +10% vs 24 month average, in contrast to the weakness in overall block activity – suggesting instos continued to seek out agency liquidity sources for the limited flow that did come to market.
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.
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