Chinese takeover of Chicago Stock Exchange approved

The Chicago Stock Exchange has won approval for a takeover deal by a consortium led by China’s Chongqing Casin Enterprise Group from the Committee on Foreign Investment in the US, or Cfius. The transaction, the first time that a Chinese-led group acquired a US bourse, still needs the green light from the Securities and Exchange Commission. The Chicago exchange voluntarily submitted it for review by Cfius. The rationale for the deal, revealed in February, is to provide a way for Chinese companies to list in the US as well as open the door for Chinese investors to buy US-listed shares. According to the Financial Times, the deal met pushback from Washington and from Donald Trump during a Presidential debate. Chinese investors are set to own 49.5% of the exchange after the purchase.