agreed Steve - reminds a little of what hotcopper does -...

agreed Steve - reminds a little of what hotcopper does - hotcopper will invest say $50k in a cap raise of a stock they like the look of, in return for that stock to spend $50k in advertising on hotcopper.

Kaddy could do this and more since they are closing in on a 'pricing-power' position - for instance, instead of cash investment, they can offer them zero fees for the first $1m of trade in return for 5% etc...This option would be better for us, since no cash down.

Obviously, the more Kaddy resembles a monopoly the more scrutiny they will face, so need to be careful about how they implement this.

But it makes total sense - Kaddy takes a risk by discounting fees on smaller players and in return it gets upside as the brand scales and gets sold.