Australian Block Market Share report – June
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 (June 2024 versus 12-month rolling average)
Liquidnet internal data. As of June 2024. 12-month rolling average July 2023 – June 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.
Want to receive the complete Block Market Share report each month?
Inform us of your interest to receive the monthly Block Market Share report to keep up to date with key Australian block market insights.
The ASX200 returned +0.85% in June on average turnover despite a string of rebals and EOFY, whilst a strong CPI print was the dominant data point of the month, it was largely digested. Blocks were on the light side across all metrics but there was still evidence of some final transition activity before year end and just ahead of S&P rebal. Rate (cut) posturing remained a key economic theme globally with most central banks seen to be cutting rates in the second half as the soft landing scenario plays out. Australia was an exception with May CPI at 4%, well above expectation and the fastest monthly pace since November 2023. Volatility based on the average daily value of the ASX200 VIX fell again to just 10.85 (from 11.4 in May).
Was broadly light across most metrics:
$549M/day of blocks versus 12-month average of $574M/day
Number of blocks at 152 versus 12-month average of 162
Blocks as % of notional traded was lower at 6.5% (vs 12-month average of 7.4%) due to elevated turnover
BJ were back on top swapping with UBS 16.2% and 15.1% mkt share respectively while MS broke into the top five for the first time (rolling 12 months) with 8.5% (12mth av 6.6%). Notably Finclear saw a jump to 4th in small caps (12mth average 13th) home to shadow brokers (non-participant dealmakers) and advisory groups. Barrenjoey’s dominance reinforced by being #1 in all market caps other than large caps (was JPM).
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.
© 2024 Liquidnet Holdings, Inc. and its subsidiaries. Liquidnet, Inc. is a member of FINRA/SIPC/NFA. Liquidnet Europe Limited is authorised and regulated by the Financial Conduct Authority in the UK, is licensed by the Financial Sector Conduct Authority in South Africa, and is a member of the London Stock Exchange and a remote member of the SIX Swiss Exchange. TP ICAP (EUROPE) SA is authorised by the Autorité de Contrôle Prudentiel et de Résolution and regulated by the Autorité des Marchés Financiers and is a remote member of the Warsaw Stock Exchange. Liquidnet Canada Inc. is a member of the Canadian Investment Industry Regulatory Organization and a member of the Canadian Investor Protection Fund. Liquidnet Asia Limited is regulated by the Hong Kong Securities and Futures Commission for Type 1 and Type 7 regulated activities and is regulated by the Monetary Authority of Singapore as a Recognized Market Operator. Liquidnet Japan Inc. is regulated by the Financial Services Agency of Japan and is a member of JSDA/JIPF. Liquidnet Australia Pty Ltd. is registered with the Australian Securities and Investment Commission as an Australian Financial Services Licensee, AFSL number 312525. Liquidnet Singapore Private Limited is regulated by the Monetary Authority of Singapore as a Capital Markets Services Licensee, CMSL number CMS 100757-1. Liquidnet Holdings, Inc. and its subsidiaries are part of TP ICAP Group plc.