what i dont like about this is:
- whoever sees that message first (this includes bond issuer) has the opportunity to sell all at a (relative) high price
that's why before publishing such message there usually will be a suspension of trading for half or one day in the traditional exchange.
this could work,
but what stops the issuer to simply say "operation closed" (of course: if he has a buyback clause this wouldnt work, but without it seems to be a good way for easy money)?
I think you are confusing asset risk with exchange risk. If the asset is legit and the issuer still making payments delisting simply means the asset is removed from the exchange. Shareholders will buy or sell depending on if they consider holding the asset to be worth the complexity of manual (off exchange) reconciliation.
If the asset is worthless scammer garbage and the asset issuer has no intention on repaying then it doesn't really matter if it remains listed or not. It seems either you didn't think this through or your objection can be boiled down to "if it is delisted I won't be able to pawn this worthless asset on some sucker". I don't think it is the job of the exchange to ensure you can sell something you own that is worthless for something.
That being said the way in which GLBSE handled the delisting was completely unprofessional. No clear reason was given. No timeline. No notification to stakeholders. Just "BLAM" we/I decided so it is gone. Buisiness is all about taking calculated risks and Nefario actions over the last couple weeks have shown there is significant exchange risk, probably higher than many suspected.
For alternate players in the space NOW would be a good time to put policies in writing. Black and white. When/why/how are assets suspended. when/why/how are assets delisted. If you are a competitor to GLBSE and offer less exchange risk then you have a competitive advantage. However simply being "not GLBSE" and not having yet suspended/delisted an asset isn't an advantage, it is simply another unknown.