No, it wasn't and isn't.
Visa apparently notified ISX on March 6 that it was suspending the relationship, listing AML concerns as one of the reasons. On April 17 Visa notified ISX that it had terminated the relationship. ISX did not notify the market of either fact.
The notice on May 25 was instigated by ASX. It includes various correspondence between ASX and ISX, including an alarmingly obstructionist and uncooperative response from ISX in which it avoids answering most questions and answers others curtly. I can see nothing there that is framed as a market notification of the Visa troubles, I can't even see any acknowledgement by ISX that Visa has terminated the relationship. ISX instead is relying on an assertion that the Visa relationship was not material.
Then there is the letter to shareholders of May 24, which begins with the breathtaking statement:
Do we all feel that is an accurate description of the situation with Visa? ISX "ceased processing" (it was suspended by Visa) and "will end its contractual relationship with Visa... in approximately 90 days" (the arrangement had been terminated by Visa in April).
