ISX vs. ASX: Am I missing something? How is this NOT direct competition with ISX., page-26

Hi @ChillingOut. I have completed my one prime morning obligation and have walked with my friend - the dog. I can now give proper thought to your post.

There are two issues that I see in your post, 1 - can ASX be in competition with something that is yet to exist? and 2 - There is no reference to breaches of the Competition and Consumer Act in ISX's statement of claim or pleadings.

1: Regarding your comment "it's difficult to see how there can be competition with something that is yet to exist" (i.e. an application that is being written to perform specific tasks), Both the licence operator's regulatory guide RG 172 and the ASX own Conflict Handling Policy define competition as actual or potential (ASX's own policy includes "perceived"):

REGULATORY GUIDE 172: Australian market licences: Australian operatorsRG 172.89 Conflicts between the commercial interests of the licenseeand the need to ensure the market is fair orderly and transparent mayarise in any area where a market licensee makes supervisory decisions.They may involve, for example, the market licensee’s competitors (actualor potential), joint venturers, associates, or entities in which the marketlicensee has a significant shareholding. Conflict situations may alsoinvolve the market licensee’s securities, or other financial productsderived from these securities, that are traded on a market operated by themarket licensee....
Also - RG 172.90 Conflicts of interest may arise in connection with decisionsabout:
.... (c) monitoring of a listed entity or market participant;(d) investigative or disciplinary action;...

https://download.asic.gov.au/media/4720076/rg172-published-4-may-2018.pdf

ASX Conflict Handling Policy states:
What is a conflict of interest?
A conflict of interest is a situation in which the concerns or aims of two different parties are incompatible. A conflict ofinterest can exist even if no unethical or improper act results.A conflict of interest may be:

• Actual - where a conflict between competing interests already exists
• Perceived - where a conflict between competing interests is, or might be, seen to exist
• Potential - where competing interests have the capacity to develop into a conflict in the future

https://www.asx.com.au/documents/about/asx_conflict_handling_arrangements.pdf

2: Regarding your statement "There is no reference to breaches of the Competition and Consumer Act"

I am not suggesting that ASX has breached the Competition and Consumer Act but am suggesting ASX has breached its obligations regarding ASX's performance as a market licensee which is in competition with ISX (as per the definitions above). But still, I think your basic argument may be valid: ISX's original statement of claim (pre- FA2SOC) was that ASX, in exercising its powers under the Listing Rules, is not acting (i) in good faith;(ii) honestly and fairly; and/or (iii) reasonably,including, in exercising its power to suspend from quotation the shares of ISX and/or to compel ISX to produce confidential information and documents; and did not provide procedural fairness (in the same regard i.e. suspension et al). Nowhere in the details does ISX's SOC use the argument that ASX is in competition with ISX as support for those arguments.

I am aware of the obligation of Applicant to supply the Defendant a summary of material facts on which it relies, but that the applicant does not have to supply the evidence by which those facts are to be proved. I have always assumed that the fact that ASX is in competition with ISX is part of the evidence by which those facts are proved. Although this has been my assumption, I have always found the omission odd.

I am happy, and encourage you, to point out the error in my arguments.