BW Equities Valuation, page-8

Possibly. With larger scale, it certainly makes more sense to weigh up the option. But right now they're growing so fast, that growth is the main priority (and keeping it all going smoothly). If they were larger, and the growth was slower/under control, then they could have more management focus to initiate a new project like clearing.

OM is becoming successful, in large part due to Selfwealth. But OM is also a diversified and complicated business.

Selfwealth doing clearing in-house would likely lower their brokerage costs by another $1-2, but with additional fixed expenses (legal/IT) and complication. Like you might expect them to run afoul of ASIC, as OM did when they were new. So they could run into some challenges along that path. Staying with OM would likely be smoother, but less cost-efficient.

OM has tried to complete with SWF, with their OpenTrader etc. So SWF could compete with OM if needed. They do have other companies willing to clear for them for good value, if needed.