Spite could still carry some weight to the theory, but not just on ISX's behalf. I am guessing there are a few Co's out there who are sick of the monopoly of ASX. Running the exchange while listed on the exchange with interest in direct companies on their own exchange etc. I hope im not made a hypocrite by ISX in the future.. if they choose the same path on the NSX.
ISX Price at posting:
$1.07 Sentiment: Buy Disclosure: Held