February 16, 2018

Manchin Applauds Trump and SEC for Stopping Sale of Chicago Stock Exchange to Chinese Firm

Washington, D.C. – U.S. Senator Joe Manchin (D-WV) announced the Security and Exchange Commission (SEC) will reject the sale of the Chicago Stock Exchange to investors led by the Chinese firm Congqing Casin Enterprise Group (CCEG).

“Stock exchanges sit at the heart of the American economy and should stay under American control. That is why I raised serious concerns in July that a Chinese firm might be allowed to purchase the Chicago Stock Exchange. I’m glad President Trump and the SEC heard my concerns and will reject the sale of the Chicago Stock Exchange to Congqing Casin Enterprise Group,” Senator Manchin said.

“Our government and the Chinese government view stock exchanges, free-market norms and property rights of private citizens very differently. This made me doubt whether an Exchange operating under the direct control of a Chinese entity can be trusted to ‘self-regulate’ now and in the future. I was also concerned with challenges in the Chinese market bleeding into the Chicago Stock Exchange and impacting our markets across the country. The SEC made the right decision in rejecting this sale. As we continue to employ the greatest lengths of diplomacy to shore up our relationship with China, we must not forget their desire to emerge on top of the international market as a rival global power.”

This decision comes after Senator Manchin continued efforts to protect U.S. financial markets from potential national security risks. Senator Manchin has urged President Trump and SEC Chairman Jay Clayton to reject the sale of the Chicago Stock Exchange for the sake of the U.S. economy and national security.