You've also completely neglected to mention competition as a...

You've also completely neglected to mention competition as a "due to" headwind....

remember they use a very loose term for active traders as it's based on money in account or trades as far back as how long ago?... if some have switched to Stake (and as stake doesn't take existing HINs, they don't lose that active trader necessarily)...making up to date figures on trades even more important, and active traders *potentially" more of a delayed theme than the forward indicator it always used to be

and lower rates would not have necessarily meant OVERALL revenue got worse when it could have previously been masked by significantly higher trade numbers...just the increase happens at a slower rate. It's still a strong tailwind... it's the pace of it that could do with clarification