We all know ASX has the power to suspend ISX. That's not the...

We all know ASX has the power to suspend ISX. That's not the issue.

I'm no legal practitioner but I suspect the judge will be looking to establish some facts:

• Did ASX have the power to suspend ISX?
• Was the power intended to be used only in specific circumstances?
• Did the circumstances that led to ASX suspending ISX fall under the permitted circumstances?

I think the reason a lot of shareholders are excited about this new development is the folks at ASX actually believed they were going beyond their powers and would be suspending without sufficient basis. But the next day they went ahead with the suspension. We don't know what transpired in-between because it's not been revealed.

An organisation the size of ASX can't just say we suspended ISX because it was intended to act as a de facto escrow. Maybe that's OK, but where are the documents, emails or meeting notes that capture that? How do we know that was the real reason?