Australian Block Market Share report – May 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 0.76% in May, once again underperforming global peers (MSCI World +4.27%), as volatility continued to moderate. The ASX 200 VIX averaged 12.9 for the month, down from 14.2 in April, reflecting a more stable (desensitised?) risk backdrop. Geopolitics remained a key macro overhang, with the Iran conflict driving persistent headline risk. This kept fast money, momentum, and systematic players active, while fundamental investors remained comparatively cautious and selective/set. Domestically, the month was event-heavy, dominated two large transitions, the Macquarie Conference, an RBA rate hike, further high-profile downgrades (notably CSL and ASX), a mid-month Federal Budget perceived as anti-investment, and a sizeable MSCI rebalance which provided a meaningful liquidity event.
Despite periods of elevated activity, overall block metrics finished broadly in line with — to slightly below — longer-term averages:
Average daily block turnover of $751m, vs. 12-month average of $760m
172 blocks/day, vs. 12-month average of 186 (-7.5%)
Blocks accounted for 7.4% of total market notional, vs. 7.8% 12-month average
Average daily market turnover elevated at $10.1bn, vs. $9.7bn (12-month average), supported by the MSCI rebalance
Four trading days with block turnover exceeding $1bn
Macquarie’s transition desk and associated follow-on flow drove a standout month, with 20.9% market share — the highest since July 2023 (UBS 21.2%) — and printed 9 of the top 20 trades. Morgan Stanley was also notable, with Superblock activity in mega and large caps to finish with a strong 16.2% share, supported by an elevated average block size of $9.12m (vs. $6.79m 12-month average). Flow was highly concentrated, with the top 5 brokers accounting for 64.6% of market share (vs. 56.4% 12-month average), resulting in a pronounced long tail. While leadership rotated within the top cohort, Macquarie led convincingly on both block count (461 vs. 364 average) and overall share for the month.
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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