Undervalue?, page-63

This is probably the relevant metric (because OM brokerage should fall under Product Operating Costs).

It doesn't show a clear conclusion about the saving, but it may be clearer next quarter.

You can see that the POC Per Trade reached a record low last year Q3. Probably due to the final month of Q3 (COVID March) having exceptional trades growth, but the brokerage payment for March got paid the next quarter. So POC per trade got skewed down that Q.

Q221 (Christmas) POC Per Trade got skewed up for the same reason. Dec having low trades, but paying for the brokerage costs for the month of September instead. Because of 1 month brokerage payment terms.


So I think the OM saving did not appear clearly in this Q's metric, maybe because they were investing more in other POC, like international/app releases.

Also, the new US trades will create higher revenue per trade, but maybe with higher POC per trade.

So the saving got clouded by some factor or another - higher dev, or new US trades.


Q320/Q420 were the record lows for POC Per Trade ($5.49-6.26), though those were the quarters with extreme trade growth of ~103-111%.

This recent Q had 36% growth. Strong, but less extreme. POC Per Trade was still close to record lows at $6.50, but that is including the new OM saving, and also some likely clouding from US/dev.


So to answer the question - the exact OM saving is not really clear yet.