USA regulators nix China-led bid for Chicago Stock Exchange

17 February, 2018, 01:49 | Author: Kathy Ellis
  • Exchange handles only a small fraction of the stock trades that take place every day. Credit M. Spencer Gree

Trump brought the exchange deal up twice during the election campaign as an example of how jobs and wealth were leaving the US.

"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.

Under the proposal, the Chinese-led North America Casin Holdings group aimed to purchase a minority share of the CHX.

The exchange, which handles less than 1% of daily USA stock trading, was hoping the sale could be a springboard to a brighter future, attracting new listings and investments from China.

A spokesman for the Chicago Stock Exchange declined to comment.

The SEC's decision comes at a time of rising trade tension between China and the US.

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"The Commission does not find. that the proposed rule change.is consistent with the requirements of the Exchange Act", the SEC said in its conclusion. "Accordingly, it is not necessary for us to consider either the relevance of such foreign investment concerns to our statutory review of this proposed rule change or the merits of the concerns themselves".

"The review process has also raised questions about whether the proposed ownership structure will allow the commission to exercise sufficient oversight of the exchange" the SEC said on Thursday.

The deal was first announced in February 2016, and had been in regulatory limbo for two years. The S.E.C. said it was also not sure it would have access to the exchange's books and records after the deal.

Last summer, 11 members of Congress sent a letter to the SEC urging a denial of the purchase - with particular concerns about a "severe lack of transparency in China", which they said would make it hard for the committee to "prevent undue influence or control over a national securities exchange".

The exchange's inability to verify the ultimate potential owners would also make it hard for the bourse to satisfy its compliance monitoring obligations, and would obstruct the SEC's own capacity to oversee the Chicago Stock Exchange, it said.

The exchange competes against the New York Stock Exchange and its three affiliated exchanges, all owned by Intercontinental Exchange, and Nasdaq and Cboe Global Markets, both of which own four United States stock exchanges.

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