Stock Exchange Says It’s Being Sold To China…

Stock Exchange Says It’s Being Sold To China…

This simply should not be allowed. They want to sell one of our primary stock exchanges to the communist Chinese… our enemies. To let this go through is to welcome in the barbarians and bare our financial jugular. Casin Group said it was attracted to the market because of the potential to “bring exciting Chinese growth companies to U.S. investors,” according to a quote in the statement from Shengju Lu, Casin’s founder and chairman. Founded in the 1990s through a privatization of state-owned assets, Casin Group initially focused on developing real estate projects in Chongqing before expanding into the environmental and financial industries. While the firm owns stakes in banks and insurers, it has never owned an exchange. And America should not let them start here.

Chicago Stock Exchange

From Bloomberg:

The Chicago Stock Exchange said a Chinese investor group agreed to acquire it, giving the buyer entry into the intensely competitive U.S. equity market.

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Chongqing Casin Enterprise Group has signed a definitive agreement to acquire the company, according to a statement Friday, which didn’t give financial terms. The exchange said the deal is expected to close in the second half of the year, though that will require regulatory approval.

“We’re a good fit. Our strategy is something they like and is consistent with theirs,” Chicago Stock Exchange Chief Executive Officer John Kerin said in a phone interview. “We provide technology and we’re a standalone, full-service exchange that they can grow in a manner that suits their needs.”

The Chicago Stock Exchange — a subsidiary of CHX Holdings Inc. — is minority-owned by a group including E*Trade Financial Corp., Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co., according to the company. The minority shareholders are also selling their stake, Kerin said.

The acquisition would be the first of a U.S. exchange by a Chinese company. The 134-year-old bourse, which handles about 0.5 percent of U.S. stock trading, would give the buyer a beachhead in the $22 trillion American equity market, where regulations require trades to be routed to whichever exchange has the best price for a stock at a given moment.

“We have reviewed CHX’s plans to improve market share through new growth initiatives and fully support them,” said Casin’s Lu, a torch bearer during the Beijing Olympic games in 2008, according to their statement. Casin Group’s offer comes amid an unprecedented overseas shopping spree by Chinese companies. Businesses from Asia’s largest economy have announced $70 billion of cross-border acquisitions and investments this year, on track to break last year’s record of $123 billion, according to data compiled by Bloomberg. Yes, and they are buying farms in the Midwest and real estate across the country. Who needs a military coup when you can simply ‘buy’ your way in? This needs to be stopped and fast. Just say no to the sale of the Chicago Stock Exchange to the Chinese.

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Terresa Monroe-Hamilton

Terresa Monroe-Hamilton is an editor and writer for Right Wing News. She owns and blogs at NoisyRoom.net. She is a Constitutional Conservative and NoisyRoom focuses on political and national issues of interest to the American public. Terresa is the editor at Trevor Loudon's site, New Zeal - trevorloudon.com. She also does research at KeyWiki.org. You can email Terresa here. NoisyRoom can be found on Facebook and on Twitter.

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