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from the At-least-the-TLA-wouldn't-have-changed dept.
US rejects China-led bid for Chicago Stock Exchange
The US has rejected a proposed merger between the Chicago Stock Exchange and a Chinese-linked investor group. The decision comes after more than two years of reviews by officials.
The tie-up was initially approved by the Committee on Foreign Investment in the United States, pending further approval by the Securities and Exchange Commission (SEC). But US politicians, including President Trump, have said letting a Chinese firm invest in a US exchange was a bad idea.
Under the proposal, the Chinese-led North America Casin Holdings group would have bought CHX Holdings, which owns the Chicago Stock Exchange. The exchange, which handles just 0.5% of US stock trades, had said the deal would have provided the exchange with "vital capital". That funding would have been used "to boost numerous initiatives designed to benefit the city of Chicago, the US economy and market structure as a whole".
Also at Bloomberg, NYT, Reuters, and CNN.
(Score: 3, Informative) by Anonymous Coward on Saturday February 17 2018, @07:18PM
From their timeline, http://www.chx.com/chx/history/ [chx.com] the exchange is over 130 years old. Chinese investment seems like a "logical" next step in cashing out:
> February 8, 2005 -- SEC approves ownership structure change of the CHX from a not-for-profit, member owned company to a for-profit stockholder owned corporation.
Next, the foxes started guarding the hen house,
> July 31, 2006 -- The Exchange announces regulatory and shareholder approval of an investment in CHX by Bank of America Corporation; Bear Stearns; E*TRADE FINANCIAL Corporation; and Goldman, Sachs & Co.
(no more updates on ownership in their own timeline)