Skip to main content

Market Overview

Intercontinental CEO On Chinese Stocks: 'We Are Trying To Do The Right Thing'

Intercontinental CEO On Chinese Stocks: 'We Are Trying To Do The Right Thing'

The New York Stock Exchange is a highly regulated entity, especially in how it deals with Chinese companies, Intercontinental Exchange Chairman and CEO Jeffrey Sprecher said on CNBC's "Squawk on the Street."

Government Regulations: The NYSE needs to consider the input from The White House, legislation passed by the U.S. Congress and advice from the Financial Accounting Standards Board looking into China, not to mention oversight from the Securities and Exchange Commission, Sprecher said.

His comments follow the announcement that the NYSE will delist three China-based stocks, including China Mobile Ltd. (NYSE: CHL), China Telecom Corporation (NYSE: CHA), and China Unicom (NYSE: CHU).

Related Link: Chinese Stocks Fall On Report US Is 'Considering' Alibaba, Tencent Ban

"In that amalgamation, we are trying to navigate and do the right thing for this country and for the markets — and it's definitely been complicated," he said.

The American Flag: The NYSE is draped with an American flag, and this is on purpose, Sprecher said.

The NYSE is "uniquely American" and wants to export the most positive traits to the rest of the world, the exec said, adding that it needs to be done so in a way that is "best for our country."

"We want to help people get ahead," he said. "One of the things we uniquely export is our giving and our big heart. On the other hand, as people rise up we don't want them to turn against us. So there has to be some balance in there and that's what I think we are looking for."


Related Articles (CHA + CHL)

View Comments and Join the Discussion!

Posted-In: China Jeffrey Sprecher NYSEMedia Best of Benzinga