Active trader and trade conversion will lag registration, but eventually they should catch up.
I'm not too worried about new competitors though, SWF is already the cheapest HIN supported broker, switching cost is high to change from broker to brokers (application + HIN transfer takes a while, and you'll have opportunity cost for not being able to trade).
SelfWealth took a couple of years to achieve scale and positive operating cashflow last quarter. many of these new platforms are late market entrants, I don't expect any of them to be profitable in short run, hence the counterparty risk (in the event which these platforms bankrupt) is high for traders who switch to these new platforms (especially the none-HIN supported ones).
Valuating Self Wealth & Competition Risk 2021 and beyond, page-4
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