Australian Block Market Share report – September 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 fell 1.39% in September as stronger-than-expected inflation prompted a reassessment of RBA rate cut expectations, slightly increasing volatility (VIX rose to 11.0 from 10.8). Meanwhile, the Fed’s rate cut revived the “Fed put” narrative, boosting rate-sensitive and AI-driven growth stocks. Market dynamics were also shaped by index rebalancing and end-of-quarter adjustments.
Block activity remained exceptionally elevated in September, just shy of August’s record levels:
$18.7B in block trades, up 34.2% versus the 12-month average of $13.92B and +17.8% on pcp
Daily block turnover averaged $849M, compared to the 12-month average of $660M
Six sessions recorded block turnover exceeding $1B
Five trades over $100M were executed
Mega-cap blocks surged, with a 28% increase in notional value versus the 12-month average, and the average mega-cap block size reaching A$8.9M—just shy of the $10M mark (12-month average: $7.79M)
Market share across the top 10 was broadly in line with the average, accounting for 85.6%.
However, UBS had a very strong month at 17.0% following their transition. JPM delivered a strong showing in Mega Caps, BJ remained as consistent as ever, and recent MS momentum continued. Agency venues also had a strong month, with Liquidnet finishing at #9.
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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