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SEC delays decision on Chinese group's bid for Chicago Stock Exchange

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SEC delays decision on Chinese group's bid for Chicago Stock Exchange

The Securities and Exchange Commission has delayed a decision on China-based Chongqing Casin Enterprise Group's acquisition bid for Chicago Stock Exchange Inc.

The regulator said in a June 6 filing that it will determine the merger's fate by Aug. 9. A Chicago Stock Exchange spokesperson said in a statement that the Exchange was "confident" that the SEC will ultimately approve the acquisition.

The deal previously came under fire from lawmakers who argued that the deal needed to be investigated for transparency concerns surrounding the Chinese investor group. The deal would be the first time a U.S. stock exchange would be owned by Chinese investors, Reuters reported.

In November, Chicago Stock Exchange's general counsel reportedly said that while the investor groups would own an aggregate 39% stake in the exchange, their voting rights would be held at a maximum of 20%. In December, the deal was granted approval from the U.S. Committee on Foreign Investment, a committee focused on analyzing deals for possible national security concerns.