It's not quite a skin. ANZ uses CMC in a white label fashion, so...

It's not quite a skin. ANZ uses CMC in a white label fashion, so that is like a skin.

SWF uses OM in API fashion, so orders are processed by OM at wholesale costs.

If Selfwealth registered as a master broker, then they could claim to be doing OM's job, but there are costs involved and it might just cut their brokerage costs by 20%, so it's not all that different. SWF's website would be functionally the same, but with a bit lower costs (they'd have the option of reducing prices even more, if desired).

I see what you're saying, that their job seems simple, just being a reseller. But really, SWF is doing half the job, and OM is doing half the job, and both take a share of the money. SWF's half of the job is the more customer-facing side. OM would be the ASX facing side.


I believe SWF will use OM for ASX trading, and another provider for international. Their website is custom coded, not a whitelabel OM website, so they have the options of building that.

SWF says international is due before Christmas. So I don't think it's a massive hurdle.

Costs - yes, they're competitive for ASX. Will they be recognised as competitive for international? I'm not sure yet. And in terms of further ASX competitiveness, that'll be more of a medium-term plan. They're already re-negotiated with OM after the Corona growth. That's part of the way there, to becoming more competitive.

Andrew - more likely, he wanted some money, and thought that the price was good to realise profits. Now his opinion might be that it's good value again, not that he'd buy back so soon - it'd be a bad look.

"Additional products" - I'm interested what it is. I don't think it's international - I think that's separate to OM. Margin lending or something? I can't really imagine.