Australian Block Market Share report – October
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 (October 2024 versus 12-month rolling average)
Liquidnet internal data. As of October 2024. 12-month rolling average November 2023 – October 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 -1.33% in October in fairly choppy trade with a number of factors at play – a rethinking on the efficacy of Chinese stimulus, CEO/ corporate governance issues front and centre, domestic corporate quarterlies/AGMs, solid US earnings and equity digestion of ongoing rate backup on the soft/no landing narrative, and all the while the election overhang. The ASX200 VIX (av daily value) picked up a touch to 12.3.
Despite the micro and macro backdrop, we saw more muted activity vs the last few months, with seemingly the election overhang at play, and fundamental money largely set after the events of the last few months.
We saw $569m/day of blocks vs 12-month average of $603m/day.
Blocks as a % of notional traded at 7.4% vs 12-month average of 7.5%.
Average blocks per day of 155 vs 12-month average of 164/day.
In terms of rank and market share, was all fairly orderly with the top five shuffling amongst themselves. Barrenjoey regained the top spot inline with the 12m average, Jefferies not far behind them. At the small cap level, MQG was of note with 17.7% and talk of a programme around the middle of the month – which aligns with the high block count at the time. Agency venues were again of note – with the 4th best month on a rolling 24mth basis.
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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