An update should be interesting (and good to confirm some of my...

An update should be interesting (and good to confirm some of my numbers).

I think I have a fair idea of what's going on lately - trades pulling back from the July highs, but pulling back less than ASX's volume has (implying growing market share, even if less absolute trades than July). User growth off its highs, but still at a fair pace.

I suspect it could disappoint some shareholders, but they're still on a good medium term trend of increasing market share. Combine that with the renegotiated brokerage costs, and they're in a fairly good position.

Soon they could afford to start thinking about - larger IT investment, small-medium acquisitions, or dividends. Dividends probably being the least likely in the immediate term.