I doubt that ISX want to continue their listing on the ASX. It appears that the only chance the ASX have of winning the ISX vs ASX case is based on the “absolute discretion” rule where they can suspend a listed company for whatever reason they feel like, as the ASX have no factual evidence that supports their protracted suspension of ISX. ASIC and other regulatory bodies appear to support the ASX in their monopolistic position and “all sweeping” rules even when the ASX step outside their investigative powers to become court and judge. If ISX were to continue their listing on the ASX, the ASX could just suspend them again for whatever reason they feel like and they probably would, given the obvious competition between ISX, NSX and the ASX. It would be an anxious time for ISX and its shareholders waiting to see if and when ASX suspend them again. It appears the ASX know that currently no regulatory body will stand in their way to stop them doing as they please. It would be far better for ISX to list on a more sophisticated premium exchange in the EU or UK where they already have banking approvals and where their main customers reside.
We live in a democracy where the presumption of innocence prevails until a party is found guilty by a court. Why do the regulators allow the ASX to be the court and judge where they can assume a guilty verdict and apply their penalty, smearing a company’s reputation and stifling that company’s growth with no factual evidence and pure supposition for, in ISX’s case, 18 months? ISX and its shareholders have paid the price of guilt before their innocence is proven.
The ASX’s sweeping powers of ‘absolute discretion” to suspend a listed company for whatever reason they feel they are guilty of before proven, must stop. ASIC have even allowed the ASX to commit ISX as a guilty party when the ASX do not have the regulatory powers to investigate the ISX matter at hand. All people who become shareholders in an ASX listed company need to be aware that the ISX protracted suspension, with no factual evidence, could happen at any time to one of their stocks.
A “short term “ suspension for ASIC to investigate possible breaches in listing rules that are within the corporations act is understandable however an 18 month suspension and still no evidence to substantiate an 18 month suspension is unacceptable. So many other listed companies have been investigated for much more serious matters than some possible comparable minor disclosure issues and not been suspended for any time.
The ASX, “bot traders”, “dark pools”, “short traders”, “money laundering groups” and the many Australian and overseas banks achieving profits from money laundering and non-transparent trades would be happy to maintain the status quo. These “well established” and highly profitable groups will do “all they can” to try and stop ISX and the new Australian Clearpay trading platform from delivering greater settlement speed, cashflow transparency and Strong KYC, that in turn reduces the risk for non-institutional investors but eats at these institutional group’s profits. I believe, the ISX “downrampers’ in this forum represent these institutional groups.
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