Ann: ASX Query Letters re ISX suspension & termination by Visa, page-37

ASX Query Letters are a concern....

There are significant discrepancies between ISX reporting of Visa business and the comms from Visa - particularly 05/05/20 Termination. With ISX posting on 15/05 the statement that: -

Processing to merchants across the Visa network was also suspended for parts of March pending response to Visa re queries on ASX “investigation”, concerns re “derogatory media” and the focus on high risk merchants. The Company is providing Visa with information regarding the ASX “investigation” and other matters. Visa has notified that their response times on this matter have been impacted by COVID-19.

This was clearly not accurate.

Also the Clayton Utz report discussion of Visa shows that ISX were not disclosing accurate information.

I hadn't noticed this in the CU Report earlier (perhaps a bit glazed over with anxiety).

I'm forced to admit that ASX may actually be making a point here that indicates that ISX have not been fully forthcoming with truthful disclosures.

This is very worrying. But I'll look forward to reading better analyses of this than I'm capable of.

I'll reserve my opinion.