Australian Block Market Share report – March 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.
The ASX200 returned -4.02% in March as Trump’s tariffs implementation began (Canada and Mexico were back in early Mar), growth as well as inflation concerns both emerged and the administration started talking about an “economic transition” period... Additionally wholesale rotation evident again as earnings digestion continued as well as the macro factors. Volatility picked up on the events and saw the ASX200 VIX (av daily value) increase 20.2% to 13.7 from 11.4 in Feb.
A month of much more unremarkable turnover in blocks and notional traded, in March
An average of $567m blocks/day vs 12mth average of $586m/day
170 blocks/day vs 12mth av of 161/day
Blocks as a % of total turnover was light at 6.2% vs a 12mth av of 7.3% (and 8.7% in Feb) due to a month of high turnover
Diversification across the top 10 saw them account for 84.3% mkt share vs a 12mth av of 83.7%. BJ were back on top by a good margin with 15.2% while the next three were particularly tight, before tailing off. It will be interesting to see how MS fare once their blocks “operative” joins and will mark another IB with a dedicated blocks desk. On the Agency venue front, BIDS ceased operation but March was still a good month with $733m trading vs a 24mth av of $587m.
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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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