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Chicago Stock Exchange Bought Out by NYSE Parent Company

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The Chicago Stock Exchange’s (CHX) 136-year run has now concluded following the announcement that its parent company will be bought out in its entirety by Intercontinental Exchange Inc. – owner of the New York Stock Exchange – for a reported sum of approximately US$ 70 million. Leaking cash and barely clinging to relevancy, the tiny market operator put itself up for sale in February 2016, drawing a US$ 25 million offer from a consortium of Chinese investors that was ultimately blocked last month by the U.S. Securities and Exchange Commission (SEC) on national security grounds.

Following final closing of the deal later this quarter, the CHX – which handles less than half a percent of equity transactions in the United States – will remain in Chicago as a registered national securities exchange. The CHX will also undergo a technological upgrade with addition of the NYSE’s Pillar integrated trading platform, which allows traders to connect all of the company’s equities and options markets under a single specification.

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Central Bank of Hungary Buys Mounds of Gold

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In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CFIUS Pilot Program Casting Shadow over Crossborder Asian Deals

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The Trump administration has announced plans to increase government reviews of foreign investments in U.S. companies. CFIUS, the Committee on Foreign Investment in the United States, is currently tasked with reviewing ownership deals. CFIUS blocked Singapore’s Broadcom from taking over chip manufacturer Qualcomm this year. However, new rules will establish the jurisdiction of CFIUS to screen even non-controlling investments coming from abroad. CFIUS will be especially interested in deals that involve technology companies, which have national security implications. When a foreign investor would be on track to have access to nonpublic technical information, a director on the board, or place a representative in any key decision-making role, CFIUS could step in. Industries impacted would include telecommunications, semiconductors, and computer manufacturing. The program is applied to critical technologies in 27 industries.

There is ongoing concern among U.S. government leaders that China may surreptitiously gain access to emerging technologies that will provide it with competitive advantages, while violating fair trade practices at the same time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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