Except that a 30% loss to ASIC is a 30% loss from a clean sheet....

Except that a 30% loss to ASIC is a 30% loss from a clean sheet. Sure ASIC themselves would have wanted to win more but to a neutral outsider ISX is now a company with a successful action taken against them by a national regulator.

Put it this way... what will the high flying European fund manager investing in a "premium" exchange say to himself (or herself) on listing?

"Holy shit the regulator brought actions against this company. No thanks! Next!"

or...

" well they beat ASIC on the important charges, it must be all good."

If you answer anything but the former you are deluded.

So maybe ISX only lost 30% but that leaves them sitting at -30%, not a good place to be.