Australia Dark Report: September 2025
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The Australian Dark Report is a strategic tool designed to help the buy side better understand and navigate the complexities of the Australian dark market structure. It provides stock-level insights into key dark market metrics such as dark percentage of turnover, trade size distributions, block turnover, and statistical highlights. The report also incorporates recent broker block flows, offering timely visibility into evolving liquidity patterns and execution trends across the market.
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Muted volatility saw dark activity increase again to a record since report inception (as did block activity) for the ASX200.
Dark turnover increased to 19.9% of total turnover across the ASX200 while for the broader market it was flat at 7.2%.
Within the ASX200, COH was the most active name traded in dark at 31.9%.
Across the ASX200, on average 10.4% was traded as a block (a record) and FBU was the most blocked up stock (48.9%).
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