Equity market data for quarter ending June 2026

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 2026

Market Share and Turnover

In the June 2026 quarter, ASX accounted for 83.7% of the total dollar turnover in equity market products, up from 81.9% in the March quarter. Cboe accounted for the remaining 16.3%.
These figures include all trades executed on order book, as well as trades matched off order book and reported to either market operator.
Average daily turnover in the Australian equity market was $10.8 billion for the June quarter, a decrease of $0.4 billion from the March quarter.

Turnover Composition (as a proportion of total dollar turnover)

On order book turnover (excluding ASX auctions) decreased to 56.0% in the June quarter from 58.0% in the March quarter.
Trade reporting turnover increased to 17.6%, compared to 17.3% in the March quarter.

Market concentration

ASX’s market share, measured by the Herfindahl‑Hirschman Index (HHI) increased to 0.67 in the June quarter from 0.65 in the March quarter (maximum 1.00).

Order-to-trade ratio

The overall ratio decreased to 8.7:1 in the June quarter from 8.9:1 in the March quarter.

Liquidity

Depth of the order book across the best bid and ask in the June 2026 quarter reached an average of $718,000 across the largest 200 securities and $691,000 across all securities, compared to $507,000 and $491,000 last quarter, respectively.
Quoted spreads in the June quarter have increased for the largest 200 securities, currently at an average of 11.00 bps from 9.45 bps last quarter. Across all securities, quoted spreads have increased, at 19.75 bps from 17.57 bps last quarter.
Effective spreads have decreased across the largest 200 securities, at 10.24 bps from 10.29 bps last quarter, and decreased across all equity products, at 18.08 bps in the June quarter from 19.21 bps previously.

Table 1: Market characteristics – average for June quarter 2026

Statistics	ASX on book	ASX Auctions	ASX Centre Point	ASX trade reporting	Cboe on book	Cboe trade reporting	Total	Change
Number of trades per day	2,159,216	84,590	476,774	130,267	839,935	134,673	3,825,456	▲
(market share)	56.4%	2.2%	12.5%	3.4%	22.0%	3.5%	100.0%
Value traded ($ million/day)	4,313.2	2,862.9	644.8	1,232.4	1,096.2	668.6	10,818.1	▼
(market share)	39.9%	26.5%	6.0%	11.4%	10.1%	6.2%	100.0%
Order-to-trade ratio	8.0	na	6.1	na	11.9	na	8.7	▼
Average trade size ($/trade)	1,999.6	33,824.7	1,356.0	9,681.8	1,306.0	5,122.6	2,827.6	▼

Table 2: Measures of market concentration

Statistics	Q1 2026 average	Apr 2026	May 2026	Jun 2026	Change from previous quarter
Total market	0.45	0.47	0.43	0.44	-
Public venues	0.66	0.66	0.67	0.67	▲

Table 3: Measures of market efficiency

Market Efficiency Statistics	Q1 2026 average	Apr 2026	May 2026	Jun 2026	Change from previous quarter
Quoted bid-ask spread (bps)
Top 200 securities by turnover	9.45	11.64	10.72	10.64	▲
All Securities	17.57	20.04	19.62	19.59	▲
Effective bid-ask spread (bps)
Top 200 securities by turnover	10.29	10.97	9.95	9.81	▼
All Securities	19.21	18.61	17.89	17.75	▼
Best depth ($)
Top 200 securities by turnover	507,141.31	926,067.53	590,814.03	637,435.23	▲
All Securities	490,763.90	859,524.06	580,048.83	632,535.62	▲