Something is very wrong. Is anyone watching? Does anyone care? Can this be another government screw-up?, page-182

All good, just different points of view.

We haven't seen the conversations between ISX and Visa so it's difficult to form an unbiased opinion.
However, I believe the independent expert has seen them, and I've re-read the report and can understand their point of view.
My belief is ISX wanted to work with Visa to the extent ISX wouldn't be restricted in its own growth plans, so it's very likely they couldn't agree on commercial terms.

I don't trust the AML assessment though and I understand why ISX didn't want to disclose AML-related as there were legal and regulatory issues that carried broader scope than the ASX listing rules and that information being revealed to the wrong parties could be used for damage to ISX's reputation in the midst of sensitive negotiations with other potential customers.

It's disappointing ASX decided to give its listing rules greater weight to protect its own interests and that's unbefitting of its position as a market operator. That's the point ISX's CEO was making.

That's my take on the whole thing; as some have stated, there's a lot more to this than what's being revealed to us.