Charts

- Blue shows monthly added traders. So user growth has come back a bit since March-June, but it still very elevated compared to any time pre-Feb.
- Cumulative active traders looks strong.
- Monthly trades looks ok, or a bit too flat, but that was when ASX was pulling back.



ASX vs SWF.

- Sept was marginally the highest trades month. A little higher than June (+2.2%).
- In Sept vs June, ASX's trades actually fell 8.3%.
- Could be considered as 10.5% outperformance in those 3 months, suggesting growing market share.




Month on month changes to SWF's proportion of ASX's total trades.
Columns: Month, SWF's proportion (of ASX's total including instos/robots etc), monthly change in proportion.

- So there were come pretty huge monthly improvements since Christmas.
- In the most recent quarter, the rate of improvement in proportion (market share) was lower, but positive each month, and off a high base.
- The rate may have been lower this quarter due to attrition after the huge growth in Apr-May. At some point, the attrition will be exhausted or minimal.



Longer term ASX volume.

- Looks like it could return to an uptrend over the next couple of years. Good underlying market for SWF.


Shorter term ASX volume.

- Showing a little short-term volume slowdown.
- Might increase with the US election.


Overall: Still positive, considering SWF has outperformed ASX in every month, and ASX's underlying volume might be ready to bounce (considering it looks to be near the bottom).