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.

Like this



16 February 2018
Commerce Dept. Recommends Steep Curbs on Imported Steel
From the countries singled out, they would not be allowed to import more aluminum than they did a year ago - just like with steel. He included among the options a tariff of almost 24 percent on all products from China, Russia, Hong Kong, Vietnam and Venezuela.

16 February 2018
Occidental Petroleum (OXY) Stock Rating Upgraded by Citigroup
The fund owned 16,770 shares of the oil and gas producer's stock after buying an additional 2,510 shares during the quarter. Occidental Petroleum Corporation (NYSE:OXY) earnings have declined with a quarterly rate of -15.8% over the last 5 years.

16 February 2018
Eubank Jr: there is nothing George Groves can do to stop me
The 10-round WBSS Super Middleweight Substitute Fight features undefeated Brit Zach Parker (14-10, 10 KOs) vs. I'm 29 and he's 28, there's not a lot of an age gap between us but I've been involved in the big time.

16 February 2018
TfL publishes new private hire and ride-sharing services policy for London
Reporting incidents to the police: The company said it will directly pass information about any serious incident to the police. Those who work for 10 hours straight are locked out of the Uber app for six hours, forcing them to take a rest.

16 February 2018
Amy Schumer secretly marries boyfriend Chris Fischer - see wedding pictures
Check out all the gorgeous pictures from Amy and Chris' Malibu wedding - you'll definitely notice some famous faces. What do you think about Schumer getting married in secret? I need confirmation on this.

16 February 2018
'Toy Story Land' to open at Disney's Hollywood Studios June 30
The Walt Disney World Resort announced today that its new Toy Story Land will open on June 30 at Disney's Hollywood Studios . Another movie, Toy Story 4 , is pegged for release in 2019.

16 February 2018
An Arizona Cheerleader Got Ejected For Heckling A Referee
They also forced 20 Arizona turnovers, an effort that kept the Wildcats in a full-court affair for the majority of the game. ASU kicked off the opening moments of the second half with a 7-0 run led by Kodi Justice's back-to-back 3-pointers.

16 February 2018
'Three Billboards' protest calls for justice for Grenfell Tower victims
Three mobile billboards were driven through the British capital on Thursday on behalf of the Justice 4 Grenfell campaign. Yesterday marked eight months since the 14 June 2017 Grenfell Tower fire , which killed 71 people.

16 February 2018
Kia Ceed confirmed for Geneva debut
The body can also be stiffer and an improved electrical power steering system is claimed to return more road feel to the driver. Under the bonnet, there's an updated version of Kia's existing 1.0-litre petrol engine, here producing either 99bhp or 118bhp.

16 February 2018
South Korea will be footing North Korea's bills during the Winter Olympics
Speaking to Yahoo News, he said his goal for the Olympics was to "create some good political satire". The varied expressions from the North Korean cheering section.