Ann: ASIC Licensing Brief, page-39

Add in SWIFT re-orientation to include EU and AU, plus the revelation re Austraclear, and its not a huge leap that the ASIC Licensing Briefing was all about setting up Australia's second Clearing and Settlement platform.

ISX has clearly been setting up for competition with the ASX.

Non Cash Payments, Depositary, Custodian, ADI license, and ESA = Clearing and Settlement Operation

ISX is playing a very very deep, complex and strategic game.