Ann: Notification of cessation of securities - SWF, page-27

"So can trades go higher if interest rates stabilise here? Unlikely, until wages/cost of living improves."

Except that they are.
Look at the chart.

And the coming 6-8 months will be cycling off some really horrible pcp bases.

So, I'd say that the delta in ASX trade volumes will almost certainly be positive.

And the marginal contribution from incremental trading volumes is high, so it doesn't need massive improvements to move the dial; a mere 10% uplift will be sufficient to move the dial.

Of course, it could happen that SWF does not jag its fair share of any increased market volumes. But, objectively, for that to transpire would suggest a broken business model.

.