BROWSE BY TOPIC
Stories of Interest
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Sale of CHX to Chinese Investors Delayed Further
[Photo: by CoStar Group]
Back in February 2016, the Chicago Stock Exchange (CSX) agreed to sell itself to a Chinese investor group, the Chongqing Casin Enterprise Group. However, the SEC has yet to approve the deal and, on Wednesday, the regulator said it would once again postpone a decision.
While the proposed $20 million deal for CSX is relatively small - the exchange accounts for less than 0.5% of U.S. equity trade volume - some lawmakers have raised security concerns about Chinese investors buying into the U.S. equity market. For example, they've questioned whether Chinese owners could sift secrets about trading strategies and other matters from the stream of orders that rush through exchange systems.
Given those concerns, the CSX separately sought deal approval from the U.S. Committee on Foreign Investment, which includes representatives from the Treasury and Defense departments. That committee approved the deal in December.
However, future prospects for approval would appear limited at this time. The federal government has little incentive to approve any Chinese acquisitions in the United States, given current U.S.-N.Korea tensions and Trump's frustration with China for not havign done more to convince North Korea, its trading partner, to scale back its threats and nuclear missle tests.
All this is most unfortuate for the 135 year old exchange, which is hoping to revitalize its market into a U.S. listing outpost for Chinese companies.