Ann: Letter to Shareholders, page-19

The following comments are just my humble opinions, based on considerable experience both as a frequent trader and as a systems designer.

SWF concentrates on the number of active users instead of on what actually matters to be profitable - the number of trades. Big mistake. Probably a fatal mistake.

Offering a user interface that is attractive to frequent traders ought to be the number one priority for SWF. It is the only thing guaranteed to make a big difference to the bottom line. The quality of SWF's ghastly website user interface is commensurate with systems designers who are just beginners at best. I have lost many times more money by using SWF's hopeless user interface than I have gained in lower fees - because the market has often moved on by the time I can get an order into the market, and because there is insufficient market data visible on one screen. Yet, among many other apparently delusional claims, their shareholder letter states:-
"so we can deliver a truly outstanding experience for our customer (sic) and be the leader in what we do"
"we have been able to attract incredible talent to our organisation."

Former directors must share some of the blame for SWF's current failings. So, bringing back former directors seems unlikely to solve SWF's problems. Yet, in my opinion the current directors do not appear to have adequate skills or abilities. To me, the longterm future of this company looks bleak indeed. If I was a shareholder I wouldn't bother voting.