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the business model of robinhood doesn't work in Australia where we have much more regulation. I.e. they can't sell the market flow - for such a small market being <2% of the global markets I'd be surprised to see them come here for something which would really struggle to be a profitable venture - I'm very interested to see how stake goes.

The thing with all these new entrants is we haven't managed to get a look at their balance sheets, they'd be bleeding cash on all their incentives, will be really keen to see superhero's books if they IPO - they've already had to make adjustments on the quiet to their no fee etfs, now if you transfer out those no fee etfs you're charged $5 per etf, clearly people were taking advantage of that loop hole... saying that the Super product that SuperHero has released could be a winner - and listening to their CEO on Equity Mates Super Saturdays series I do like his philosophy on superannunation.