In a letter to the U.S. Securities and Exchange Commission, the Chicago Stock Exchange laid out its case for why the proposed buyout by a Chinese-led investor group should be approved.

“In its review of the Approval Order, I respectfully request that the Commission be mindful of its obligations under Section 3(f) of the Exchange Act,6 which requires the Commission to consider, in addition to the protection of investors, whether its action will promote efficiency, competition and capital formation,” CHX CEO John Kerin wrote to the SEC on Aug. 25. “In so doing, I hope that the Commission will come to the only conclusion that the law and the facts could bear – that the Approval Order must be affirmed.”

Kerin went on to explain that the acquisition wold enhance investor protection, while boosting efficiency, competition, and capital formation in U.S. markets.

Some opponents of the Chongqing Casin Enterprise Group have cited nationalist concerns about a not entirely friendly foreign power planting a foothold in U.S. financial markets.

To that, Kerin said: “The Proposed Transaction represents an investment in CHX by U.S. and Chinese investors, the objective of which is to empower CHX to meet its strategic goals and enhance its participation in the national market system. The Proposed Transaction will not result in CHX being shut down or its functions being outsourced abroad. Rather, CHX will use funds from this investment to execute on its strategic goal of creating a primary listing program focused on U.S. and foreign emerging growth companies.”