Business
20:37, 10-Aug-2017
SEC delays decision on China buy-out of Chicago Stock Exchange
["china","north america"]
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The US Securities and Exchange Commission (SEC) on Wednesday postponed a decision on whether to allow a Chinese investor group to buy the Chicago Stock Exchange.
An investor group led by Chongqing Casin Enterprise Group has been seeking SEC approval for the deal since late 2016, with numerous letters challenging it.
One of the latest, from the US House of Representatives in July, urged the SEC to reject the proposed acquisition, calling it "a threat to the US financial security and Americans' faith in our national financial market infrastructure."
May 3, 2013: The Securities and Exchange Commission headquarters in Washington, DC. /VCG Photo
May 3, 2013: The Securities and Exchange Commission headquarters in Washington, DC. /VCG Photo
The SEC was supposed to rule on the 30-million-dollar sale on Wednesday.
Instead, the regulatory body said SEC commissioners would make the final decision in the coming weeks, a move that overrides a recommendation by commission staff.
"We are confident that, upon further review by the commissioners, they will also conclude that this transaction is consistent with the Exchange Act," a Chicago Stock Exchange spokesman said.
Casin Group, headquartered in China's southwestern metropolis of Chongqing, is a leading diversified holding company with investments in financial services, real estate and environmental services.
The 134-year-old Chicago Stock Exchange, where all trading is done electronically without a live trading floor, now handles around 0.5 percent of US stock trading.
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Source(s): Xinhua News Agency