Agreed. SWF's supplier - OM is SWF's biggest competitor,...

Agreed. SWF's supplier - OM is SWF's biggest competitor, bleeding off trades from SWF up to $5k @$5 - being the most profitable trades.
SWF probably get the cheap execution deal from OM because they have a high proportion of $5k trades. Losing those trades can be a problem in the long term.
I think OM is the only execution broker providing the $5 cheap execution deals to the other platforms. But at the current volumes, SWF is not making money and OM is not making money and trade value turnover is down about 30% from the March quarter. Unless T/O dramatically increases this part of the market will struggle. Others HIN brokers are holding market share with their higher prices and are not in a hurry to compete.

Since the ASX crimped SWF's plans of inroducing crypto trading in the near term, I think the S/H are looking for a game plan to give them confidence to come back into the stock and get it back above 40c. IMO.