Hi pastperformer
InresponsetotheOTCapitalissueIwouldsaythis:
Onthesurfaceitdoeslooksuspicious,Iagree.It'salotofrevenuefromoneproviderwhowasthensubsequentlysubjecttolegalproceedingsfromASIC.
However,OTCapitalwasprovidedalicensebyASIC,soatsomepointASICacceptedthatOTCapitalwerefitandpropertoconducttheirstatedbusiness.IfthereisakinkinISX'sduediligenceframeworkforon-boardingclients,theirisanevenbiggerchinkinASIC's.Italsohelpstocementapositionofplausibledeniability,ifASICcouldgetitwrongit'sverylikelyISXcouldalsogetitwrong.
ISXhasreferredASXtoaterminationnoticewithrespecttoOTCapitalandtheotherinvestigatedentities-wehowevercannotseethisduetoconfidentially.ButitappearswearesafetoassumethatISXterminatedit'soperationswhenASICfinallycaughtontotheirimpropriety.
If ISX terminated OT Capital's customer agreement, should they have notified the market and clarified what impact it would have on revenue ?
Ann: Response to ASX Query Letter, page-123
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