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Information that Chinese company Chongqing Casin Enterprise Group is going to acquire one of the oldest stock exchanges in United States caused a flurry of criticism among American congressman. 46 of them expressed extreme concern with increase of China's influence on the US economy.
According to details of the deal, the Chinese authorities will not be able to control the stock exchange’s potential investors or companies involved in the process directly or indirectly. Terms of the deal also guarantee protection against a possible intervention by the authorities, told Exchange Advisor James Ongena.
"If the government buys one of these companies, or even become an investor for one of these companies, the management company may these withdraw investments, and the investor or the company will be excluded from the group," - he said.
Chicago Stock Exchange stressed that the transaction with a reorganization of listing program to attract medium-sized enterprises. According to the stock exchange management’s plans, the program will attract those which do not meet criteria for listing on the Nasdaq or New York Stock Exchange, owned by InterContinental Exchange Inc.
Chicago Stock Exchange, which has 134 years of history, possess less than 0.5% of the market share in US equities. The marketplace will become an attractive destination for Chinese companies that intend to enter the US stock exchange, giving investors from China more access to the US market.
Concerns about increasing influence of China's economy on a global scale were exposed during the election campaign in the US. Then, the Republican nominee, who subsequently won the elections, said that he would impose a fee of 45% on imports of goods from China, and officially classify China as a currency manipulator. Trump is going to do it right after taking office on January 20.
Congressional Commission, which monitors security of trade relations between the US and China, recommended that the Committee on Foreign Investment blocks possible purchase of US assets by Chinese companies.
source: reuters.com
According to details of the deal, the Chinese authorities will not be able to control the stock exchange’s potential investors or companies involved in the process directly or indirectly. Terms of the deal also guarantee protection against a possible intervention by the authorities, told Exchange Advisor James Ongena.
"If the government buys one of these companies, or even become an investor for one of these companies, the management company may these withdraw investments, and the investor or the company will be excluded from the group," - he said.
Chicago Stock Exchange stressed that the transaction with a reorganization of listing program to attract medium-sized enterprises. According to the stock exchange management’s plans, the program will attract those which do not meet criteria for listing on the Nasdaq or New York Stock Exchange, owned by InterContinental Exchange Inc.
Chicago Stock Exchange, which has 134 years of history, possess less than 0.5% of the market share in US equities. The marketplace will become an attractive destination for Chinese companies that intend to enter the US stock exchange, giving investors from China more access to the US market.
Concerns about increasing influence of China's economy on a global scale were exposed during the election campaign in the US. Then, the Republican nominee, who subsequently won the elections, said that he would impose a fee of 45% on imports of goods from China, and officially classify China as a currency manipulator. Trump is going to do it right after taking office on January 20.
Congressional Commission, which monitors security of trade relations between the US and China, recommended that the Committee on Foreign Investment blocks possible purchase of US assets by Chinese companies.
source: reuters.com
