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It's a PITA googling ISIS right now, but the ring on the axle is called a stop ring or stop collar. There should be one on each side, and the cranks should press against them. They are there to provide a precise axial position of the crank on the axle, which would otherwise be uncertain due to the crank banging into the spline run-out with varying degrees of pressure. If you assemble ISIS cranks without a stop collar, you can damage the crank.
This picture may have answered my question in advance but I'd like my mind set at ease by someone more experienced with this style of bottom bracket if possible.
I have just fitted an ISIS bottom bracket & crank on my track bike, BB threaded in fine, nice and tight etc..
However, the reverse of the chainring bolts rubbed a tiny bit when the chainring was fitted. the BB came with a spacer (just 1) on the non drive side which didn't seem to be doing much, the cranks were previously used, so the spacer could have come from either side, I added this to the drive side and now there is no rub with the chainring bolts along with a good chainline and the non drive side still has good clearance.
this picture seems to show a spacer that looks similar to the one in question on the drive side. So maybe thats where it was intended for but i would like some confirmation
Is it going to explode and kill me or will everything be just fine?
Thanks in advance