chart please, page-8

How is a bank - one of the most leverage reliant institutions - safer than the ASX?

ASX has minimal borrowings and only relies on these simple things; trading, ipos, data feeds etc etc to make money.

I don't see how volumes could be down in the long-term given superannuation, confidence returning to the market from retail/wholesale investors and traders, more fund managers setting up here to do business and so on.

I think a lower price than its all time high is one comparison you can't rule out to be honest. It's just like buying a great suit for 40% off. That's certainly what you would be saying about CBA back at $25.