Subject: File No. SR-CHX-2016-20
From: Claire Salters

November 22, 2017

Dear SEC Commissioners

I strongly support to approve the proposed deal. Chicago Stock Exchange has got a very good business model at the moment. With the four customers –American issuers, foreign investors, American investors and overseas issuers – Chicago is in an advantageous position and it will drive its growth.

Globalization represents the future and we have to make our market a welcoming home for companies and investors from all over the world. America should be confident in its regulatory regime,as we have proven over many years that we have a robust and successful market. With our credibility, resources, knowhow and risk management capability, we believe we can form a solid and reliable platform to investors and companies, and build a stronger connection for financial services between US and the world. If we never try, we will never be successful. But if we do try, we have a chance.

In an ideal world, we all wish that great companies could be allowed onto capital markets so that investors could benefit from their spectacular success while at the same time poor quality companies are barred from our markets through high hurdles and aggressive regulatory scrutiny. We do not, however, live in that ideal world. Nobody can tell in advance which companies will be great and which ones will turn out to be lemons. The only way to protect investors against risk is either through full disclosure or, if still not sufficient, restricting access to professional investors only.

We have spent many years considering how to strengthen America as a financial centre while adhering to its core values of fairness and investor protection. No solution is easy and without challenges, but doing nothing is not cost-free or risk-free either. Inaction does not eliminate risks and costs it simply passes them on to the next generation. It is our duty to act and proactively make a decision in the best interest of the future of America.