Assuming this reporter is correct, it looks like a fantastic opportunity for ISX to help IronFX cleanup their operation.
Exposure by ISX to IronFX is minimal (commercially) - one months services at most. Given that ISX will be processing their money, they control the funding tap, so will probably rank as the #1 creditor for practical day to day purposes.
I dont think ISX Pay is running yet, so they aren't providing the card acquiring (settlement) which carries some risk (ie insolvency risk, up to 3 days of cashflow is typical) - but I suspect that ISXPAy like most industry players will ask for either upfront security or rolling reserve to mitigate their risk of merchant chargebacks and/or insolvency
Plus, ISX doing the KYC and payment processing means that they have visibility of money in and out, and have a real time heads up.
Licences and Authorisations for IronFX include:
IronFX Global Limited is authorized and regulated by CySEC (Licence no. 125/10)
8Safe UK Limited is authorized and regulated by the Financial Conduct Authority (FCA no. 585561)
GVS (AU) Pty Limited is authorized and regulated by ASIC (AFSL no. 417482)
On balance, I cant see how the report can be that much 'on the money' as it would require the UK FCA, Australia's ASIC and Cyprus' CYSEC to all be asleep at the wheel. Reporter sounds like he has an axe to grind.........
ISX Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
