Australian Block Market Share report – November 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.
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ASX200 return in November of -3.01% with a spike in volatility and a mid month markdown driven by divergent central bank directions globally, and questioning of AI valuations, debt, ROI and financing circularity. This prompted some healthy rotation – especially into hard assets and resources. A more hawkish RBA and strong inflation data saw a forecast cut completely reversed, and instead a hike forecast as the next move – which triggered some bank activity and rotation. Volatility rose in November, with the ASX200 VIX averaging 12.4, up from 11.4 in October.
A much more muted month of block activity versus the prior few – in fact the lightest since June. Nevertheless:
Daily block turnover averaged $767m, vs the 12 month average of $707m
Daily block count averaged 187, +5% vs 12month average of 178
Nine sessions exceeded $1B in block turnover (vs 9 in October)
Superblocks ($20m- $49.99) remained elevated at 92 vs a 12 month average of 82
Was quite evenly distributed with the top ten accounting for 85.7% market share vs a 12 month average of 84.1% while the top 5 just 51.7% mkt share vs a 12 month average of 56.7%, adding to evidence that the in house transition was shared around. The top 5 shuffled amongst themselves with BJ in top spot closely followed by UBS. Citi had a strong month and the GS turnaround continues.
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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