Equity market data for quarter ending June 2025

ASIC receives equity market data through our market surveillance system. This system captures all orders and trades in Australian equity market products and is the primary source of equity market statistics reported by ASIC. This page presents summary statistics, tables and charts on market characteristics, including measures of market efficiency, volatility and concentration.

For an explanation of the measures used in this release, see Information Sheet 177 Quarterly cash equity market data: Methodology and definitions (INFO 177).

Summary for quarter ending June 2025

In the June 2025 quarter, ASX accounted for 81.3% of the total dollar turnover in equity market products. Cboe accounted for the remaining 18.7% of total dollar turnover. This is a marginal increase in ASX’s market share from last quarter where it was 81.2%. These figures include all trades executed on order book, as well as trades matched off order book and reported to either market operator. On order book turnover (excluding ASX auctions) as a proportion of total dollar turnover decreased to 55.7% in the June quarter from 56.3% in the March quarter. Trade reporting turnover as a proportion of total dollar turnover increased to 19.0%, compared to 18.0% in the March quarter.

ASX’s market share, measured by the Herfindahl-Hirschman Index (HHI) measure of market concentration of public order book volumes, decreased to 0.65 in the June quarter from 0.66 in the March quarter (maximum 1.00).

Daily Turnover in the Australian equity market increased by $1.3 billion from the March quarter to an average of $9.8 billion for the June quarter.

The overall order-to-trade ratio increased from 9.2:1 in the March quarter to 9.3:1 in the June quarter.

Depth of the orderbook across the best bid and ask in the June 2025 quarter reached an average of $764,000 across the largest 200 securities and $716,000 across all securities, compared to $525,000 and $526,000 last quarter, respectively. Quoted spreads in the June quarter have increased for the largest 200 securities, currently at an average of 11.60 bps from 9.99 bps last quarter. Across all securities, quoted spreads have increased, at 19.70 bps from 16.03 bps last quarter. Effective spreads have increased across the largest 200 securities, at 10.34 bps from 10.24 bps last quarter, and increased across all equity products, at 17.67 bps in the June quarter from 16.82 bps previously.

Table 1: Market characteristics – average for June quarter 2025

Statistics	ASX on book	ASX Auctions	ASX Centre Point	ASX trade reporting	Cboe on book	Cboe trade reporting	Total	Change from previous quarter
Number of trades per day	1,641,119	74,818	326,542	63,430	599,853	101,270	2,807,037	▲
(market share)	58.5%	2.7%	11.6%	2.3%	21.4%	3.6%	100.0%
Value traded ($ million/day)	3,846.9	2,477.3	671.6	973.5	946.8	891.8	9,808.0	▲
(market share)	39.2%	25.3%	6.8%	9.9%	9.7%	9.1%	100.0%
Order-to-trade ratio	8.3	na	6.7	na	13.4	na	9.3	▲
Average trade size ($/trade)	2,342.9	33,153.9	2,057.1	15,397.7	1,577.4	8,815.1	3,500.0	▲

Table 2: Measures of market concentration

Statistics	Jun 2024	Apr 2025	May 2025	Jun 2025	Change from previous quarter
Total market	0.40	0.45	0.41	0.44	▼
Public venues	0.65	0.65	0.65	0.66	▼

Table 3: Measures of market efficiency

Market Efficiency Statistics	Jun 2024	Apr 2025	May 2025	Jun 2025	Change from previous quarter
Quoted bid-ask spread (bps)
Top 200 securities by turnover	11.32	11.11	11.95	11.75	▲
All Securities	19.90	18.60	19.91	20.60	▲
Effective bid-ask spread (bps)
Top 200 securities by turnover	9.70	10.12	10.50	10.41	▲
All Securities	17.46	17.04	17.66	18.32	▲
Best depth ($)
Top 200 securities by turnover	771,613.47	752,990.91	754,363.59	784,142.53	▲
All Securities	748,507.27	696,214.24	713,224.38	739,018.07	▲