Equity market data for quarter ending March 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
Tables
- Table 1: Market characteristics – average for March quarter 2025
- Table 2: Measures of market concentration
- Table 3: Measures of market efficiency
Graphs
- Figure 1: Market share – March quarter 2025
- 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 trading profile – March quarter 2025
- 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
Summary for quarter ending March 2025
In the March 2025 quarter, ASX accounted for 81.2% of the total dollar turnover in equity market products. Cboe accounted for the remaining 18.8% of total dollar turnover. This is an increase in ASX’s market share from last quarter where it was 79.6%. 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 56.3% in the March quarter from 55.9% in the December quarter. Trade reporting turnover as a proportion of total dollar turnover decreased to 18.0%, compared to 18.8% in the December quarter.
ASX’s market share, measured by the Herfindahl-Hirschman Index (HHI) measure of market concentration of public order book volumes, increased to 0.66 in the March quarter from 0.65 in the December quarter (maximum 1.00).
Daily Turnover in the Australian equity market increased by $0.8 billion from the December quarter to an average of $8.5 billion for the March quarter.
The overall order-to-trade ratio decreased from 9.4:1 in the December quarter to 9.2:1 in the March quarter.
Depth of the orderbook across the best bid and ask in the March 2025 quarter reached an average of $525,000 across the largest 200 securities and $526,000 across all securities, compared to $465,000 and $479,000 last quarter, respectively. Quoted spreads in the March quarter have increased for the largest 200 securities, currently at an average of 9.99 bps from 9.78 bps last quarter. Across all securities, quoted spreads have decreased, at 16.03 bps from 16.96 bps last quarter. Effective spreads have increased across the largest 200 securities, at 10.24 bps from 9.90 bps last quarter, and decreased across all equity products, at 16.82 bps in the March quarter from 17.66 bps previously.
Table 1: Market characteristics – average for March quarter 2025
| Statistics | ASX on book | ASX Auctions | ASX Centre Point | ASX trade reporting | Cboe on book | Cboe trade reporting | Total | Change from previous quarter |
|---|---|---|---|---|---|---|---|---|
| Number of trades per day | 1,435,186 | 66,692 | 275,456 | 54,405 | 541,166 | 91,255 | 2,464,162 | ▲ |
| (market share) | 58.2% | 2.7% | 11.2% | 2.2% | 22.0% | 3.7% | 100.0% | |
| Value traded ($ million/day) | 3,411.2 | 2,182.8 | 573.3 | 744.1 | 811.3 | 792.6 | 8,515.3 | ▲ |
| (market share) | 40.1% | 25.6% | 6.7% | 8.7% | 9.5% | 9.3% | 100.0% | |
| Order-to-trade ratio | 8.2 | na | 7.5 | na | 12.7 | na | 9.2 | ▼ |
| Average trade size ($/trade) | 2,373.4 | 32,348.7 | 2,066.7 | 13,376.5 | 1,494.1 | 8,606.6 | 3,426.6 | ▼ |
Table 2: Measures of market concentration
| Statistics | Mar 2024 | Jan 2025 | Feb 2025 | Mar 2025 | Change from previous quarter |
|---|---|---|---|---|---|
| Total market | 0.42 | 0.47 | 0.43 | 0.45 | ▲ |
| Public venues | 0.66 | 0.65 | 0.66 | 0.67 | ▲ |
Table 3: Measures of market efficiency
| Market Efficiency Statistics | Mar 2024 | Jan 2025 | Feb 2025 | Mar 2025 | Change from previous quarter |
|---|---|---|---|---|---|
| Quoted bid-ask spread (bps) | |||||
| Top 200 securities by turnover | 10.40 | 10.68 | 9.49 | 9.79 | ▲ |
| All Securities | 16.82 | 17.58 | 15.46 | 15.06 | ▼ |
| Effective bid-ask spread (bps) | |||||
| Top 200 securities by turnover | 10.32 | 11.04 | 9.66 | 10.03 | ▲ |
| All Securities | 17.37 | 18.55 | 16.19 | 15.70 | ▼ |
| Best depth ($) | |||||
| Top 200 securities by turnover | 1,038,575.15 | 509,984.74 | 530,876.20 | 533,481.76 | ▲ |
| All Securities | 964,293.72 | 546,909.63 | 519,044.42 | 511,010.63 | ▲ |
Note: BLD in July 2021, SYD in February 2022, CIM in Mar 2022 and MCR in Q2 2023 are excluded when computing depth metrics.
Figure 1: Market share – March quarter 2025
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 trading profile – March quarter 2025
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 and MCR in Q2 2023 are excluded when computing depth metrics.