Australian Block Market Share report – October 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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The ASX200 returned 0.37% return in October, underperforming global markets. A strong inflation print late in the month prompted a recalibration of rate projections—sparking even “bottom-of-the-cycle” discussions—and saw the ASX200 underperform. Conversely, easing US–China tensions, a robust US earnings season, and ongoing AI-driven optimism buoyed US equities. Volatility remained contained: the ASX200 VIX averaged 11.4, up slightly from 11 in September, but still subdued overall—creating fertile conditions for elevated block activity.
Block trading surged to record levels since report inception (June 2022):
$20.82B in blocks, up 42.9% vs the 12-month average ($14.57B) and +59.1% on pcp
Daily block turnover averaged $905M, vs the 12-month average of $691M
Nine sessions exceeded $1B in block turnover
Just two trades > $100M, however 16 trades > $50M
Mega-cap block activity remained strong (+54% in notional vs 12-month average), underscoring continued wholesale rotation into mega caps and expensive defensives
Was heavily concentrated in the top two with MQG with a huge 19.6% followed by BJ with 13.2%, and a fairly fat tail resulting in the top ten accounting for 82.1% market share vs a 12mth average of 83.8%. Citi of note up to fourth vs a 12-month average of eighth spot, and agency venues participated in the elevated activity – having their biggest month in 24 months (5.1% of total blocks)
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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