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

In the March 2026 quarter, ASX accounted for 81.9% of the total dollar turnover in equity market products. Cboe accounted for the remaining 18.1% of total dollar turnover. This is an increase in ASX’s market share from last quarter where it was 81.5%. 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 increased to 58.0% in the March quarter from 56.1% in the December quarter. Trade reporting turnover as a proportion of total dollar turnover decreased to 17.3%, compared to 19.6% in the December quarter.

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

Daily Turnover in the Australian equity market increased by $1.3 billion from the December quarter to an average of $11.2 billion for the March quarter.

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

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	Mar 2025	Jan 2026	Feb 2026	Mar 2026	Change
Total market	0.45	0.46	0.44	0.46	▲
Public venues	0.67	0.65	0.65	0.67	-

Table 3: Measures of market efficiency

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