November 11, 2025 - Australia’s Institutional Equities market is showing signs of renewed strength, with the commission pool paid to brokers increasing from 2024 to 2025 – the first time in five years, according to the results of Crisil Coalition Greenwich’s 30th annual Voice of Client – Australian Equity Investors Study, the country’s most prominent and longest-running sell-side assessment.
“For three decades, our study has provided an independent and balanced view of the Institutional Equities landscape in Australia,” says Ian Andrews, Senior Relationship Manager at Crisil Coalition Greenwich. “Our role has always been to ensure that the voice of the Buy-Side is heard clearly, and that the Sell-Side is rewarded where it delivers true value”.
Drivers of Growth
Heightened market volatility has triggered a surge in Equity Trading volume around the world. In the Australian market, high-touch trading took on renewed prominence last year in a liquidity-challenged environment. Buy-side traders are leaning on experienced sales trading and block trading desks to manage large orders and minimise market impact. Block trading activity continues to grow in importance, with the buy side now executing 20% via the block trading desk – an all-time high.
The Buy-Side remains fully committed to Sell-Side research.
“High quality Equity research remains a key determinant for a brokers panel position, with roughly half of reported institutional commission payments allocated to research,” says Ian Andrews.
Crisil Coalition Greenwich Broker Review
The Voice of Client – 2025 Australian Equity Investors Study aggregates feedback from Australia’s largest Institutional Equity Investors to identify the top brokers in Equity research, research sales, and trading. The study highlights overall market sentiment and quality of broker relationships.
This year, Buy-side dealers were asked what differentiated their top brokers. Brokers who stood out the most to Buy-side participants were those not just able to consistently find liquidity, but also to translate market colour into actionable trade ideas.