Equity market data for quarter ending March 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 March 2026

Market Share and Turnover

In the March 2026 quarter, ASX accounted for 81.9% of the total dollar turnover in equity market products, up slightly from 81.5% in the December quarter. Cboe accounted for the remaining 18.1%.
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 $11.2 billion for the March quarter, an increase of $1.3 billion from the December quarter.

Turnover Composition (as a proportion of total dollar turnover)

On order book turnover (excluding ASX auctions) increased to 58.0% in the March quarter from 56.1% in the December quarter.
Trade reporting turnover decreased to 17.3%, compared to 19.6% in the December quarter.

Market Concentration

ASX’s market share, measured by the Herfindahl‑Hirschman Index (HHI) remained at 0.65 in the March quarter (maximum 1.00).

Order‑to‑trade ratio

The overall ratio increased to 8.9:1 in the March quarter from 8.7:1 in the December quarter.

Liquidity

Depth of the orderbook across the best bid and ask in the March 2026 quarter reached an average of $506,000 across the largest 200 securities and $490,000 across all securities, compared to $649,000 and $614,000 last quarter, respectively.
Quoted spreads in the March quarter have decreased for the largest 200 securities, currently at an average of 9.45 bps from 9.74 bps last quarter. Across all securities, quoted spreads have decreased, at 17.57 bps from 18.21 bps last quarter.
Effective spreads have decreased across the largest 200 securities, at 10.29 bps from 10.50 bps last quarter, and decreased across all equity products, at 19.22 bps in the March quarter from 19.76 bps previously.

Table 1: Market characteristics – average for March 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	2,145,685	83,615	438,863	130,810	838,064	139,123	3,776,160	▲
(market share)	56.8%	2.2%	11.6%	3.5%	22.2%	3.7%	100.0%
Value traded ($ million/day)	4,617.4	2,773.6	716.3	1,083.5	1,182.3	855.6	11,228.8	▲
(market share)	41.1%	24.7%	6.4%	9.6%	10.5%	7.6%	100.0%
Order-to-trade ratio	8.2	na	7.0	na	11.8	na	8.9	▲
Average trade size ($/trade)	2,150.1	32,922.8	1,635.1	8,211.5	1,409.5	6,123.8	2,963.0	▼

Table 2: Measures of market concentration

Statistics	Q4 2025 average	Mar 2025	Jan 2026	Feb 2026	Mar 2026	Change from previous quarter
Total market	0.43	0.45	0.46	0.44	0.46	▲
Public venues	0.65	0.67	0.65	0.65	0.67	-

Table 3: Measures of market efficiency

Market Efficiency Statistics	Q4 2025 average	Mar 2025	Jan 2026	Feb 2026	Mar 2026	Change from previous quarter
Quoted bid-ask spread (bps)
Top 200 securities by turnover	9.74	9.79	10.27	8.60	9.50	▼
All Securities	18.21	15.06	20.10	16.31	16.30	▼
Effective bid-ask spread (bps)
Top 200 securities by turnover	10.50	10.03	11.22	9.39	10.27	▼
All Securities	19.75	15.70	22.15	17.90	17.60	▼
Best depth ($)
Top 200 securities by turnover	649,443.32	533,481.76	505,765.95	485,047.19	527,597.13	▼
All Securities	614,467.29	511,010.63	487,940.86	478,213.90	503,447.40	▼