Australian Block Market Share report – June 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 54bps in June, continuing to underperform most global equity markets as investors remained focused on offshore growth and AI-driven themes. Australian equity volatility remained subdued, with the ASX 200 VIX averaging 12.6, down marginally from 12.9 in May, reflecting growing comfort with the macro backdrop and a fading geopolitical risk premium following the resolution of the Israel-Iran conflict.
Locally, investor attention centred on expectations of an RBA rate cut in July, ongoing earnings revisions and continued sector rotation beneath the index surface. Market activity was also shaped by a number of seasonal factors including EOFY transition activity through the first half of the month, tax-loss selling and the June index rebalance towards month-end. Against this backdrop, block market activity remained relatively subdued despite elevated overall market turnover.
June was a quieter month for the block market, with activity tracking below long-run averages despite healthy lit market volumes.
• Average daily block turnover: $702m, versus a 12-month average of $755m
• Average blocks per day: 177, versus a 12-month average of 185
• Blocks represented 6.4% of market turnover, below the 12-month average of 7.7%
• Average daily market turnover: $11.0bn, above the 12-month average of $9.8bn, supported by quarter-end and index rebalance activity
• Only one trading day recorded block turnover above $1bn
Morgan Stanley's strong run continued, particularly in the Superblock and Megablock categories, where it was involved in nine of the twenty largest prints during the month. This helped drive overall market share to 15.8%. Macquarie finished second with 13.6% market share, supported by transition-related activity, while also leading the market in small and mid-cap block trading. Beyond the top two, market share was more evenly distributed, with Jefferies slipping outside the top five as rankings shuffled within the broader top ten. Despite the changes, concentration remained broadly in line with historical norms, with the top ten brokers accounting for 84.0% of block turnover versus a 12-month average of 84.5%. In terms of activity levels, Macquarie led the market with 553 blocks executed, assisted by transition flows, while Liquidnet ranked second with 331 blocks. Morgan Stanley recorded the largest average block size at $8.89m, reflecting its strength in larger-cap names and megablock execution. Agency brokers collectively enjoyed their third-strongest month of the past two years, generating $1.11bn in block turnover.
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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