Chicago Stock Exchange Bought by Investor Group Led by China's Casin Group
CSX handles about 0.5 percent of U.S. stock trading.
According to a release, the investor group plans to preserve the 134-year-old bourse's current business operations and proprietary trading platform, "which has demonstrated state‐of‐the‐art capacity, speed and system reliability." They also intend for current president and CEO John Kerin to stay on in the same capacity and for the current management team to remain, as well.
Casin Group has investments in financial services, real estate and environmental services. Casin Group's founder and chairman, Shengju Lu, said in the release, that this deal will help the Chinese market place to grow and open Chinese companies up to US investors.
"We have reviewed CHX's plans to improve market share through new growth initiatives and fully support them. Together, we have a unique opportunity to help develop financial markets in China over the longer term and to bring exciting Chinese growth companies to U.S. investors," he said.
According to Bloomberg Business, the acquisition would be the first of a US exchange by a Chinese company.
Terms of the deal, which is expected to close in the second half of 2016, have not been disclosed.
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