Chicago Stock Exchange bid clears national security review

The Chicago Stock Exchange has cleared a major hurdle as it attempts to sell itself to a Chinese-led investment group.

The Committee on Foreign Investment in the US, known as CFIUS, on Wednesday approved the exchange's proposed sale to Chongqing Casin Enterprise Group Co and others, said Drew Mauck, a spokesman for the Chicago Stock Exchange. Signed in February, the deal is still subject to approval by the US Securities and Exchange Commission.

The Chicago Stock Exchange is attempting the sale at a potentially fraught time for business relationships between the US and China. CFIUS scrutinizes purchases of US companies by foreign buyers to identify national security issues, and there was no guarantee that it would approve the proposed sale.