We clearly have several layers of law in this country. The first...

We clearly have several layers of law in this country.

The first layer is parliament which sets the rules. The second layer is the judiciary that interprets, applies and binds the rules. The third layer is the regulatory bodies that regulate and enforces the rules but is open to challenge via layer two. The fourth layer are the 'outsourced' regulatory bodies that regulate on behalf of the third layer and open to challenge from layer three and specifically layer two - all by design.

ASX is the fourth layer and obviouslay superceded by every layer above. The further away from the original layer and secondary layer an institution is, the more prone to volatility, in the sense of competing values, embedded self interest, contrary commercial objectives. The first layer deals with principles, the most ideal layer; the fourth layer deals with the execution of indulgence - the most gross layer.

If ISX believes that ASX, which if you accept the above hypothesis (hard not to as its existence dates back to the ancient Greeks), is more prone to self interest and less prone to the principles enshrined within legislation, which is generally tempered in an environment of variable interests and perspectives, then naturally it makes sense to challenge the perspective ASX wish to portray.

This is not a land of subservience and obedience to layer four at all costs. They are prone to the failings of any organisation that has commercial objectives which compete with those that it regulates - and the very reason there are three layers above it.

There is nothing bizarre about challenging their interpretation of the underlying percieved issues or not. It is a function of the system and nothing more and not outside the norm by design. If ISX believe the interpretation is detrimental to the business, unjustly and or inequitably, then it is in the interest of shareholders they challenge this interpretation.

This is normal behaviour within a sound democratic society and thankfully with the ability to voice contratrian perspectives, we land closer to the truth that is set as principles by those we entrust in parliament and the senate, despite some misforgivings from time to time.