Equity market data for quarter ending September 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 September 2026
Market share and turnover
- In the September 2026 quarter, ASX accounted for 81.9% of the total dollar turnover in equity market products, down from 82.7% in the June quarter. TMX 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 $10.3 billion for the September quarter, a decrease of $0.6 billion from the June quarter.
- Average trade sizes continued to fall, averaging $2,708 per trade in the September quarter, with monthly average trade sizes remaining below $3,000 for each of the past few months, consistent with the persistent downward trend.
Turnover composition (as a proportion of total dollar turnover)
- On order book turnover (excluding ASX auctions) increased to 55.8% in the September quarter from 55.3% in the June quarter.
- Trade reporting turnover decreased to 18.0%, compared to 18.5% in the June quarter.
Market concentration
ASX's market share, measured by the Herfindahl-Hirschman Index (HHI) remained at 0.67 in the September quarter from 0.67 in the June quarter (maximum 1.00).
Order-to-trade ratio
The overall ratio increased to 9.4:1 in the September quarter from 8.7:1 in the June quarter.
Liquidity
- Depth of the order book across the best bid and ask in the September 2026 quarter reached an average of $677,000 across the largest 200 securities and $674,000 across all securities, compared to $718,000 and $691,000 last quarter, respectively.
- Quoted spreads in the September quarter have increased for the largest 200 securities, currently at an average of 11.35 bps from 11.00 bps last quarter. Across all securities, quoted spreads have decreased, at 18.64 bps from 19.75 bps last quarter.
- Effective spreads have increased across the largest 200 securities, at 10.38 bps from 10.24 bps last quarter, and decreased across all equity products, at 16.85 bps in the September quarter from 18.08 bps previously.
Table 1: Market characteristics – average for September quarter 2026
| Statistics | ASX on book | ASX Auctions | ASX Centre Point | ASX trade reporting | TMX on book | TMX trade reporting | Total | Change |
|---|---|---|---|---|---|---|---|---|
| Number of trades per day | 2,134,408 | 83,730 | 426,341 | 113,183 | 841,196 | 208,463 | 3,807,322 | ▼ |
| (market share) | 56.1% | 2.2% | 11.2% | 3.0% | 22.1% | 5.5% | 100.0% | |
| Value traded ($ million/day) | 4,095.3 | 2,706.4 | 605.5 | 1,047.7 | 1,057.9 | 806.4 | 10,319.3 | ▼ |
| (market share) | 39.7% | 26.2% | 5.9% | 10.2% | 10.3% | 7.8% | 100.0% | |
| Order-to-trade ratio | 8.7 | n/a | 66 | n/a | 12.6 | n/a | 9.4 | ▲ |
| Average trade size ($/trade) | 1,917.5 | 32,231.9 | 1,418.9 | 9,221.6 | 1,258.5 | 3,869.1 | 2,707.9 | ▼ |
Table 2: Measures of market concentration
| Statistics |
Q2 2026 average |
Jul 2026 | Aug 2026 | Sep 2026 | Change from previous quarter |
|---|---|---|---|---|---|
| Total market | 0.45 | 0.45 | 0.45 | 0.46 | - |
| Public venues | 0.67 | 0.66 | 0.66 | 0.68 | - |
Table 3: Measures of market efficiency
| Market Efficiency Statistics | Q2 2026 average | Jul 2026 | Aug 2026 | Sep 2026 | Change from previous quarter |
|---|---|---|---|---|---|
| Quoted bid-ask spread (bps) | |||||
| Top 200 securities by turnover | 11.0 | 11.20 | 10.94 | 11.90 | ▲ |
| All Securities | 19.75 | 18.56 | 18.34 | 19.02 | ▼ |
| Effective bid-ask spread (bps) | |||||
| Top 200 securities by turnover | 10.24 | 10.26 | 10.10 | 10.79 | ▲ |
| All Securities | 18.08 | 16.74 | 16.67 | 17.15 | ▼ |
| Best depth ($) | |||||
| Top 200 securities by turnover | 718,105.60 | 638,383.59 | 589,274.65 | 803,193.86 | ▼ |
| All Securities | 690,702.83 | 642,703.70 | 605,656.57 | 772,856.13 | ▼ |
Note: BLD in July 2021, SYD in February 2022, CIM in Mar 2022, MCR in Q2 2023, ALX in Q2 2026 and QUB in Q3 2026 are excluded when computing depth metrics.
Figure 1: Market share – September quarter 2026
Figure 2: Average daily turnover
Figure 3: Average trade size by execution venue
Figure 4: Dark liquidity proportion of total value traded
Figure 5: Order-to-trade ratio
Figure 6: Intraday on-market trading profile – September quarter 2026
Figure 7: Intraday volatility
Figure 8: Interday volatility
Figure 9: Herfindahl index
Figure 10: Effective bid-ask spreads
Figure 11: Quoted bid-ask spreads
Figure 12: Depth at best bid and ask prices
Note: BLD in July 2021, SYD in February 2022, CIM in Mar 2022, MCR in Q2 2023, ALX in Q2 2026 and QUB in Q3 2026 are excluded when computing depth metrics.