International, page-52

Product Operating Costs (cashflow costs) per trade for the past 8 quarters was:


$5.49 was the lowest reported, with $6-6.50 being more realistic (not a skewed quarter). If brokerage is the main cost within Product Operating Costs, then their brokerage cost might be $5-6 per trade, leaving a gross margin of $3.50-4.50. Say $4 of $9.50 AUD.

$9.50 USD = $12.80 AUD. If other brokers can afford to offer free trades and make it up in FOREX rates, then I guess the brokerage cost is $0-3 USD per trade. Call it $2 USD. So $2.70 AUD brokerage costs = $10.10 gross margin per trade. More than double the domestic margin. Though it sounds almost unbelievable for the brokerage costs to be so cheap, so maybe I'm wrong, but the research report seemed to be suggesting something similar.