How Chicago Stock Exchange deal is making life rough for new SEC chief

As a former Wall Street deals lawyer, Jay Clayton has been clear that he wants to make it easier for companies to raise money through stock sales now that he runs the U.S. Securities and Exchange Commission.

But he may have hoped his first test of that effort wasn’t so politically fraught: It involves a Chinese conglomerate with little experience in the financial industry leading a group of investors who are vying to buy the Chicago Stock Exchange.

While the bidders’ goal is to transform the sleepy exchange into a destination for small companies to list their shares, a bipartisan group of lawmakers urged Clayton, the SEC’s chairman, to reject the offer last month. And even President Donald Trump criticized the planned acquisition on the campaign trail, citing it as an example of America losing its competitive edge.

Source: Crains

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