To the contrary, it doesn't matter if ISX had dealt with...

To the contrary, it doesn't matter if ISX had dealt with entities who had no licence to operate. The only thing that matters is that the revenue generated is verifiable. In my view, ISX wouldn't have been suspended if that was the case. Just like the big banks, their operations may have been dodgy but their entire revenue was never in question, every cent was accountable. The same can never be said for ISX whose customers had never paid for the services.