ASIC v ISX Hearing, page-475

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DAY 7 - Wednesday 8th March 2023

Hello Everyone

Here's my notes from Wednesday's hearing as it proceeded.


It appears there was a delay from the 10.15 start time this morning for some reason? I think today's hearing started around 10.50 but not sure.

I had all sorts of trouble getting a stable connection this morning - Ended up being obmitted at 11.00 - I see @siciliavin has posted that the court system was having audio problems. I'll be changing devices for tomorrow hearing. I have had several issues yesterday also.

When I did get to join the hearing the Independent experts testimony was continuing from yesterday

Asic kc is questioning mr houston again. Mr houston is continuing to test all asic kc assumptions. As with yesterday mr houston is providing great responses to asic kc questioning.

Asic kc quoted revenue data taken from isx... From calendar year 2019, 70% of gtpv revenue was sourced from card processing, and of that 70% figure roughly 80% was from Visa processing.

Asic kc, is pushing the point that based on this above data, the visa termination decision would have had a material effect. Mr houston disagrees giving his reasons.

Mr houston looks at the questions from asic kc from all angles. The asic kc only pushes the assumptions that are going to be benificial to his case. Thankfully we have mr houston who is able to add / offer a different point of view for the courts to consider.

@12.20 isx kc objected to asic kc questioning of mr houston. Mr houston leaves the room, his honour and both the kc's discuss the issues. Returns @12.37 - see 4 posts starting from NashaNasha's post at 12.26, then siciliavin, BJReplay & Gothman posts for details of the conversation discussion.


Lunch 12.47 to 2.18


Mr houston questioning continues, more assumptions by asic, more disagreements by mr houston.

@2.55 asic kc finishes questioning mr houston.


Asic kc then asks a 5 minutes of questions to mr sisson.

Isx kc spends the balance of this particular session with mr sisson, going over visa revenue numbers and clarifying his report statements.

Other main discussions areas inc:-

Sepa v visa numbers

Isx market release on visa issue

@3.50 isx kc finishes


Asic kc then addresses mr houston again on the summary of his independent expert report.

Hard to summarise 40 minutes of complex discussion in a sentance, so i think I'll leave it at each of the parties did equally well on the closing summary. His honour has his work cut out digesting all this info of the last 2 days and arrive at the correct decision imo.

@4.30 his honour excused mr houston


The 2 kc's and his honour then discussed the future timelines and possible days remaining. Looks like a further week all up, which includes more evidence, lay break?, closing etc will be required. This will run into late April / May at the earliest for the continuation of the hearing. To be continued.


@4.38 court adjourned until 10.15 tomorrow


Summary of today hearing in a quick sentence.... asic kc did significantly better with his line of questioning today. Mr houston objection answers were similarly detailed and thought provoking as they were yesterday.

Todays full time score board see's a draw or at best isx scrap home by a field goal in extra time imo


Until tomorrow, Cheers

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