SEC blocks China's takeover attempt for Chicago Stock Exchange

SEC blocks China's takeover attempt for Chicago Stock Exchange”

us regulators on Thursday killed the politically sensitive sale of the Chicago Stock Exchange (CHX) to a group led by China-based investors, saying a lack of information on the would-be buyers threatened the ability to properly monitor the exchange after the deal.

The Securities and Exchange Commission ends a two-year long battle by the group to gain approval for the sale, but it also highlights yet another blocked takeover attempt under President Donald Trump's administration.

President Trump harshly criticized the proposed deal during his campaign, calling it an example of wealth leaving the United States.

Supporters of the Chicago Stock Exchange proposal said it could help bring more Chinese companies to United States financial markets.

The 136-year-old exchange (known as the CHX) is not one of America's biggest exchanges-it handles about 1% of USA trades-but it is one of its oldest. CHX would not comment Thursday after the announcement of the final decision.

Manchin added in his statement at the time that Chinese currency manipulation could negatively influence USA markets if the deal was approved.

In the most recent signs of continued friction, Beijing in early February launched an investigation of anti-dumping into sorghum shipments from the U.S. following the U.S. Department of Commerce's self-initiated dumping probe of the aluminum imports from China last November.

"China, a Chinese company", Trump said in a debate in SC in early 2016. It also had planned to at some point to build an exchange based in China using CHX technology. If the deal had gone through, it would have marked the first takeover of a USA exchange by Chinese interests. Deutsche Boerse AG bought the USA -based International Securities Exchange for $2.8-billion in 2007, before selling it to Nasdaq Inc for $1.1-billion in 2016.

"The Commission's review of the information before it. leads us to conclude that Chicago Stock Exchange has not met its burden to demonstrate that the proposed rule change is consistent with the Exchange Act", the SEC report said.

In particular, the SEC said it was not satisfied it would have full access to the exchange's books and records if the deal were to go through.

Technically, CHX could still resubmit its proposal or seek other buyers. Casin had the goal of listing Chinese companies in the US, and the CHX would have provided a route for doing this when the relevant firms did not meet the standards of the Nasdaq or New York Stock Exchange.

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