Spurned by the ASX with shares suspended from trading for five months now, payment identity verifier iSignthis (ASX: ISX) is taking its relationship with a competing stock exchange to the next level.
iSignthis CEO and co-founder John Karantzis is already the CEO of ClearPay, a joint venture with the National Stock Exchange of Australia (NSX) to create an "Australian version of Nasdaq" with same-day settlements, but now he will lead the NSX as well.
His company recently acquired an almost 13 per cent stake in the National Stock Exchange of Australia (NSX), which the NSX's then acting CEO Thomas Price said would help the bourse rise to the challenge of a technological revolution that is challenging legacy methods of clearing and settlement.
"It was agreed with the board of the NSX that my appointment as interim CEO would allow the joint venture to be more efficient in delivering ClearPay," Karantzis said in a letter to shareholders today.
"The intent is to also ensure that the new DvP platforms products, compliance, and operations are consistent with not only with the existing NSXA market licenced infrastructure but also designed to be operationally & regulatory compliant with other third-party financial market operators.
"My role at the NSX is principally strategic, but I will also be responsible and accountable for the organisation as interim CEO."
He said the appointment meant he could focus on achieving results for both the NSX and ISX, as well as shareholders, in a time efficient way.
"Delivery of ClearPay will require a 'start up' approach, and will be led by myself and ISX's CTO, Michael Andrewes. My appointment as interim CEO of the NSX is on an interim basis and will not impact my ISX role," he said.
"We intend to appoint an Operations Manager of the National Stock Exchange of Australia Ltd ("NSXA") (the operating subsidiary), to manage the day to day functions and the Tier 1 market operator license requirements.
"The existing NSXA team will continue to focus on ongoing operations, compliance and products, with strategic and performance oversight from myself, and market operations oversight remaining with the NSXA board and the independent listing and compliance committees per our license conditions."Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
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