Advertisement
UK markets close in 3 hours 41 minutes

  • FTSE 100

    8,052.59
    +28.72 (+0.36%)
     

  • FTSE 250

    19,716.79
    +117.40 (+0.60%)
     

  • AIM

    753.44
    +4.26 (+0.57%)
     

  • GBP/EUR

    1.1608
    +0.0019 (+0.16%)
     

  • GBP/USD

    1.2383
    +0.0033 (+0.26%)
     

  • Bitcoin GBP

    53,290.52
    +100.82 (+0.19%)
     

  • CMC Crypto 200

    1,420.60
    +5.84 (+0.41%)
     

  • S&P 500

    5,010.60
    +43.37 (+0.87%)
     

  • DOW

    38,239.98
    +253.58 (+0.67%)
     

  • CRUDE OIL

    81.35
    -0.55 (-0.67%)
     

  • GOLD FUTURES

    2,315.60
    -30.80 (-1.31%)
     

  • NIKKEI 225

    37,552.16
    +113.55 (+0.30%)
     

  • HANG SENG

    16,828.93
    +317.24 (+1.92%)
     

  • DAX

    18,042.36
    +181.56 (+1.02%)
     

  • CAC 40

    8,085.97
    +45.61 (+0.57%)
     
Money:

What is the true cost of the UK state pension?

To get a sense of the true value of the state pension, you can look at how much you would need to save to match it yourself

German regulator to assess suitability of Deutsche Boerse management

Reuters - UK Focus

(Updates with separate BaFin investigation)

FRANKFURT, July 19 (Reuters) - A German regional exchange regulator will assess the suitability of Deutsche Boerse (IOB: 0H3T.IL - news) 's management board after allegations of insider trading against the company's chief executive officer earlier this year.

The local exchange regulator in Germany's western state of Hesse said in an emailed statement on Wednesday that "the audit will cover all persons who were responsible for possible legal wrongdoings," without providing any names.

The regulator has the power to remove a board member it deems unfit.

A Deutsche Boerse spokesman declined to comment on the news of the investigation, which was first reported by German magazine WirtschaftsWoche.

ADVERTISEMENT

Earlier this year, police and prosecutors searched CEO Carsten Kengeter's office and home amid concerns over Deutsche Boerse share purchases he made just months before the announcement of merger talks with London Stock Exchange (Other OTC: LDNXF - news) .

Kengeter has always denied the allegations, saying the purchases were part of an official Deutsche Boerse compensation plan. "Insider trading goes against everything I stand for," he told shareholders in May.

On Tuesday, Deutsche Boerse said the Frankfurt public prosecutor was dropping its investigation into Kengeter and asked Deutsche Boerse to pay 10.5 million euros ($12.1 million) of fines for failing to notify the public in a timely way about the LSE merger talks and for the design of its executive share-buying scheme.

Deutsche Boerse has said those allegations were "unfounded in all respects."

In a separate development on Wednesday, the German markets regulator BaFin said that it was conducting an investigation of Deutsche Boerse's Tuesday announcement. BaFin did not give a reason for its investigation.

WirthschaftsWoche, which was first to report the BaFin investigation on Wednesday, said the Frankfurt prosecutor's communication to Deutsche Boerse had said nothing of dropped proceedings against Kengeter.

A Deutsche Boerse spokesman said on Wednesday, "We stand by our statement" made on Tuesday.

Neither Deutsche Boerse nor the Frankfurt prosecutor has made public its notice to Deutsche Boerse.

($1 = 0.8686 euros) (Reporting by Hans Seidenstuecker and Tom Sims; Editing by Andreas Cremer, Mark Potter and Jane Merriman)