Ann: December 2020 quarterly update, page-19

Yep - my understanding is that is been done to this point with sticky tape and bubblegum. Again from what I'm led to believe they have been using Iress's IPS system in the background which is insanely manual, ineffcient and complex (ask any broking house trying to use it). From there they then port the outputs from this subsystem to a consolidated report. Manual, Error Prone, High Risk around C/A's and definitely not scalable. The book they have bought from Ord's is exactly this model as well as well as the big chunk of the FUM within Xplore which was formerly Linear which had IPS as its back-end with add-ons built on top and Xplore had tried to consolidate this onto their SS&C version (a US tech solution that Xplore used which again I have heard very mixed reports about and its effectiveness in the AU market).

My intel could be off here so DYOR but either way - doing non-custody and non-custody MDA en-,masse and en-scale is a completely different ball game to delivering a "nice to have" add on feature. It is riddled with major complications, timing issues and risk - esp. around C/A management and the delivery of such a service requires specialist expertise - for instance Ord's did it well (better than most) and they have chosen to sell it off and the whole Linear/Xplore relationship was never a happy one I am led to believe.

Again my intel may be off and happy to be corrected here - but I see these as major distractions for what has been to date a market darling in recent years and I belive they will face major challenges in the delivery, esp. on top of the very long list of other deliverables that have promised existing and new client wins.

I guess we will have to wait and see. I agree with the sentiment that PPL should start to shine and see a re-rate in comparison to the rest of the landscape.