One of the most competitive corners of global finance is becoming even more extreme as bankers take big risks to outmaneuver rivals for lucrative block trades in Australia.
These large chunks of stock now account for an unusually high 43% of total volume in Australia as the nation’s giant pensions fuel demand for bigger trades. The shift has transformed Australia’s market structure — spurring a reliance on blocks even for smaller funds as liquidity migrates away from traditional exchange orders.
That’s pressuring investment banks to take more risk in a $110-billion-a-year arena that’s nerve-racking at the best of times: Dealers ...
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