Australian Block Market Share report – September 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 retreated 3.16% in September as volatility rose materially (with the ASX 200 VIX averaging 11.9 in September, up from 10.7 in August, and spiking to an intra-month high of 14.4 on 11 September) with bond markets dictating - amid a sharp rise in rates that dominated the macro landscape. The AU 10YY rose 25bps to close at 5.35% over the month, as well as (an expected) cash rate rise to 4.6% on Sep 29. However a marginally softer CPI print than expected (4.0% yoy vs 4.1% cons) on Sep 30 went some way to alleviating persistent inflation concerns. The S&P, FTSE and Van Eck gold rebalance on Sep 18 was a very large one ($24.7B turnover) and weighed on block activity around the liquidity event.
Most metrics reflecting the subdued month:
Average daily block turnover: $636m, versus a 12-month average of $691m
Average blocks per day: 164/day, versus a 12-month average of 177
Blocks represented 6.3% of market turnover, vs the 12-month average of 7.0% - FTSE/ S&P/ Van Eck Gold rebalance at play
Two days of blocks greater than $1bn
Market share of the top five finished at 53.1% vs a 12month average of 54.1%, however it was notable for some meaningful shuffling amongst the top five as both JPM and Citi muscled in – at the expense of Jefferies and MQG. MS had a particularly strong month in Megacaps versus JPM in large caps. As is customary, BJ dominated mid and small caps and remained the leading broker by block count (381 in the month), while Jefferies again saw largest average block size ($7.53m). Agency broker block activity inline with the broader market – again inline with average.
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 - 16:10:30. Any blocks done at PDC or open prices are also excluded. ETF trades are excluded.
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