68153
SEC Told to Reject Chinese Takeover of CHX
SEC Told to Reject Chinese Takeover of CHX

SEC Told to Reject Chinese Takeover of CHX

SEC Told to Reject Chinese Takeover of CHX

Eleven US legislators are urging regulators to block a Chinese takeover of the niche Chicago Stock Exchange, or CHX, according to a letter sent on Monday. The letter called on the Securities and Exchange Commission to reject the sale of the small exchange to a group of investors led by the Chinese company Chongqing Casin Enterprise Group.
“As you know, the Chinese government dominates all sectors of society and consistently fails to abide by international agreements,” they wrote, AFP reported.
And “given the ongoing concerns with the severe lack of transparency in China, we have substantial concerns related to the SEC’s ability to monitor and regulate owners of CCEG,” according to the letter signed by Republican and Democratic members of the House.
While foreign owners of a national stock exchanges historically have agreed to fully comply with US laws, CCEG and its foreign affiliates have failed to grant US regulators “power to monitor or regulate their activities” on the Chicago Stock Exchange.
The SEC is expected to announce its decision by August 9.
The Committee on Foreign Investment in the United States—which can block foreign takeovers on national security grounds—already gave the go-ahead to the deal first announced in February 2016.
Founded in 1882, the Chicago Stock Exchange is one of the oldest in the country. It employs 75 people and, according to news reports, handles 0.5% of the stock trades in the United States, a market that totals some $22 trillion.
Contacted by AFP, the Chicago Stock Exchange declined to comment.

 

Short URL : https://goo.gl/Y2W8yw
  1. https://goo.gl/j25DeM
  • https://goo.gl/jf6Dmt
  • https://goo.gl/ZKJpLE
  • https://goo.gl/Nueydp
  • https://goo.gl/X4bgjm

You can also read ...

Philippines Growing Faster Than Expected
The Philippine economy grew at a faster than expected 6.9%...
The British economy will hardly expand 0.3-0.4% per quarter through to June 2018, with growth of 1.5% this year and 1.3% the next.
British economic growth will remain tepid over the coming few...
Italy Braces  for $1b Loss
Italy’s failure to qualify for the 2018 football World Cup in...
Siemens to Cut 6,900 Jobs
Labor unions have reacted angrily to layoff plans unveiled by...
The rupee, bonds and stocks rallied after Moody’s upgraded India to Baa2 from Baa3 and said reforms being pushed through by Modi’s government will help stabilize rising levels of debt.
Forget India's economic troubles this year. Moody's thinks...
Cheap ECB Cash Still Key for Eurozone
The eurozone economy remains dependent on cheap credit and the...
Smaller increases at the gas pumps helped Canada’s  annual rate of inflation ease in October.
Canada›s rate of inflation came in at 1.4% on a year-over-year...
Norway’s $1 Trillion Wealth Fund Plans Divesting From Oil, Gas
Norway’s trillion-dollar sovereign wealth fund is proposing to...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus