In addition to @nikunjsahani points, I think you're...

In addition to @nikunjsahani points, I think you're underestimating these ones:

- As recently highlighted by @danbradster, SWF appears to account for around 50 to 70% of OM's trading volume! This is huge, giving SWF an edge in all dealings with OM!
SWF is equivalent to OM's 99 other clients combined, including RAIZ, which appears to be OM's second largest client.

- SWF is more important to OM than vice-versa. This is because there are multiple providers SWF could use to fill OM's place. OM's services are not proprietary. They're not operating a monopoly. It's a commodity with multiple suitors available to SWF.

- Most of SWF's growth occurred this FY.
SWF has substantial volume now, is financially stable and growing all metrics! It has well and truly proved itself. Therefore management can be expected to consider elevating the business to the next level, determining whether the ROI justifies paying ASX fees and associated costs to directly clear and settle. Potentially this could double margins as a result of cutting out OM.
SWF probably has the resources and know-how to do this. Whether it makes financial sense I do not know.

Furthermore:

- Only 2 or 3 of at least six anticipated products, services or improvements need come to fruition for SWF's active trader count to materially grow and for revenue+profit to double!

- Currently, and for the next 1-3 years, despite harsh economic reality, an unprecedented amount of money and new traders will continue flowing into the market. SWF is capturing around 25% of that growth. And is within reach of sitting in the vicinity of 10% market share.

SWF is a BUY at less than $1! DYOR and GLTAH.