Weebit - 2024 and beyond, page-1099

The problem was that ISX partnered with the NSX, ISX being paid to implement a digital ledger OPEN trading and settlement platform in competition with the ASX who was developing their own DLPlatform for 10yrs at a cost of $250 million, yes million, with not one review of the programme in that time. After delay upon delay ASIC gave a please explain and CEO Domonic Stephens couldn't hide the debarcle any longer, fell on his sword. New CEO instantly reviewed the progress and future delivery, and promptly wrote off the $250 mill canning it. Questions remain as to where the money went but who is going to investigate the ASX, certainly not the ASX.
NSX's DLPlatform has been up and running successfully for over 12 months, total cost <$10 mill.
ASX is a haven for dark pools of funds and has a closed trading system so no transparency unless holders go above 5% holding. ISX wanted an open system to allow retail holders a better playing field with all participants vetted via its patented AML/KYC controls, something the top end of town didn't want as it would kill the gravy train of dark money from who knows where.
One day we may get competition in the clearing and settlement market that ASX controls via its quasi government sponsored monopoly but probably not for a long time after what transpired with ISX and unfortunately that means untold $billions more losses for retail and superfunds/index funds who are easy prey to these professionals as we have just seen with WBT's ASX 200 inclusion pump and subsequent short to tumble back out.