Since nobody else has mentioned it, I will state there should be...

Since nobody else has mentioned it, I will state there should be a Royal Commission into the conduct of the ASX.

Seriously, nothing would surprise me either way as to how this could play out.
I think ISX's biggest risk is a drawn out war of attrition through the courts by ASX.
ISX are just getting started and don't have the financial backing.
The ASX on the other hand could have backing from a number of stakeholders keen to see ISX snuffed out.
Yes, the world of finance is a broken, greedy world.

My gut feel is that this won't make it to the courts - and ultimately ISX will roll on....and up !!