Australian Block Market Share report – July
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.
Overall Block Market Share (July 2024 versus 12-month rolling average)
Liquidnet internal data. As of July 2024. 12-month rolling average August 2023 – July 2024, post new entrants launching. Source: Refinitiv, ASIC. Note: Only above ASIC tier blocks included. All blocks were traded between 10am and 4:11pm. Blocks at open/prev. close prices were excluded. ETF trades are excluded.
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The ASX200 returned 4.18% in a month with earnings downgrades ahead of earnings season at the micro level, school holidays, and a grind higher to all-time highs at the index level (on lightish turnover) before a weaker CPI print that saw the Aug hike trade unwind. While globally–the Trump Trade gained traction and the rotation out of Big Tech/AI began in earnest around the middle of the month.
Block activity was broadly in line with average across most metrics
Blocks $571M/day vs. $583M/day 12m average
Number of blocks per day at 150 vs. 12m average of 162
Blocks as a percentage of notional traded at 7.7% vs 12m average of 7.5%
Just five trades > $50M in the month
Notional traded per day was lighter at $7.4B vs. 12-month average of $7.7B
Fairly tight at the top with MQG (17.8%) and UBS (17.1%) in number 1 and 2 with a thinner tail. GS notable for a strong month in mega caps, MQG and UBS battled it out in large and mid-caps, while BJ notable in small and micros. Agency venue/ broker turnover of note with the third best month on a rolling 24mth basis, at $571M
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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