Ubertrader:Here are the answers to your simple questions:1....

Ubertrader:

Here are the answers to your simple questions:

1. Users are up because we have continued to sign people up at a low rate. Attrition is low because the gate is low, any amount of $$ in their account is still considered active. Sell holdings, but leave $10 in the account? Active.
2. Securities on HIN can help to judge the number of truly active/non-dormant accounts. But adjust for the movement of XJO. eg. If XJO is +7%, but ours are +3%, then it's neutral (if our users underperformed eg. holding more micro-caps) or negative (if people had a net sell-down). If XJO was +7% but ours was +15%, it's probably good in terms of market share (at least in the higher net worth category, not necessarily in the low-value category).
3. Trades are down because they were elevated during COVID. Remember that thing called cash handouts? Cash handouts have been replaced with elevated cost of living and rate rises. Effect being: less people with excess cash to invest, and higher interest to be gained from term deposits etc.
4. The company stopped giving out trades number because post-handouts and with rising cost of living, there would be a medium term pull-back in trades per user. It'll look bad in the reporting, and they didn't want the negativity. The market has changed balance, so revenue moved towards interest earnings. Though transparency in reporting would generally be a good thing.