USA rejects merger between Chicago Stock Exchange and Chinese investor group

17 February, 2018, 01:33 | Author: Salvatore Jensen
  • USA rejects merger between Chicago Stock Exchange and Chinese investor group

The top regulator for US financial markets is barring a Chinese-led group of investors from buying the Chicago Stock Exchange.

The Securities and Exchange Commission move ends a battle of two years of gaining approval for this sale and underscores an environment that has become more hostile for Chinese buyers under President Donald Trump's administration.

During the election campaign the 45th U.S. president pointed to the CHX deal as an example of how American jobs and wealth were leaving the country.

US lawmakers from both parties had harshly criticized the deal in joint letters to the SEC, arguing that it would give the Chinese government access to American financial markets and questioning the SEC's ability to regulate and monitor foreign owners.

"I fear that that the challenges plaguing the Chinese market-lack of transparency, currency manipulation, etc. -will bleed into the Chicago Stock Exchange and adversely impact financial markets across the country", Manchin said in his statement provided to Breitbart News exclusively.




The US Securities and Exchange Commission (SEC) has rejected a bid by a Chinese-linked consortium to acquire the Chicago Stock Exchange, amid widespread political opposition to the deal. The deal could reportedly bring the exchange, which accounts for just 0.5 percent of USA equities trades, some "vital capital". It also planned to eventually build an exchange in China using CHX technology. Critics, both Democrats and Republicans, anxious the deal could allow the Chinese owners to acquire secrets about US trading strategies.

In an order made public on Thursday, the commission said it was "not necessary" to consider those concerns, because the structure of the deal itself was problematic enough on its own.

While the investment got an initial vote of approval by SEC staff in August 2017, the commission ultimately ruled that the deal did not meet the rules that govern United States stock exchanges. The regulator said this "raises significant doubts" that it would be able to monitor the exchange if the deal went through.

SEC staff approved that plan in October, but the SEC commissioners also put that decision on hold and there is no deadline for a further ruling.

The landmark Securities Exchange Act of 1934 governs secondary trading of securities - stocks, bonds, and debentures - in the United States, and provides the basis for government oversight of USA financial markets.

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