Ann: Four Major EEA/EU based merchants Contracted, page-15

and the fact that there is still about $7m in the bank, with revenues coming to cover at least some (if not all) of the costs

trading margin for volume is a common game.

Safecharge reports a net MSF of 108bps in their annual report. So, if a market leader is at 108, then ISX as an early start being within a few bps at 100bps is excellent work.

I would expect a startup to have to make major concessions to take this sort of business off of the incumbents. It is, after all, processing, clearing and settling of major amounts of money - not something you entrust easily or lightly