in the first instance ASX decide - you know that already
the point naomhan is trying to make is that, if something were to be identified that Westpac (or any large ASX-50 company for that matter) had not disclosed to the market, then all parties (both the ASX and the listed party) would take quick action to ensure the disclosure is made so that shares could resume trading asap. Westpac, and companies of that size, have significant company secretary teams and enough processes and procedures in place to deal with such a situation (suspension of sharetrading would sit on their corporate risk register, and they would have action steps already set-out under a business continuity plan or similar internal document that kick into place if the event occurs).
that's the big difference to ISX. in ASX's opinion, there are still matters that ISX has not disclosed to the market - so it's shares remain suspended. for Westpac, and any of the other "corporate scandals" commonly referred to here, ASX is obviously satisfied that they have been adequately disclosed to the market. it's that simple.
you can disagree over whether the reason for Visa's termination of its commercial arrangement with ISX is an aspect that requires disclosing. ISX pointed to the negative press and opinion as being the reason for the Visa termination. ASX have pulled them up on that, based on the content of the termination correspondence itself. ISX still hasn't corrected those statements, or itself acknowledged the reason.. so the stalemate continues and shareholders are in the position where they cannot easily trade their shares.
Westpac, or any other listed company really, would never have allowed the situation to get anywhere neat to this point. That's because the blowback and heat that the company would publicly receive from it's shareholders mean that they would move heaven and earth to resume trading (and overall take a conservative and cooperative approach with ASX and regulators). ISX obviously didn't have the same concern re its shareholders (you can probably understand why) and has chosen the different approach. the consequences are plain to see.
it would carry more weight if you could point to other examples of companies treating the ASX with the same level of outright contempt, and their shares still being allowed to trade. unfortunately I think you're going to come up blank
ISX Price at posting:
$1.07 Sentiment: None Disclosure: Not Held
