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Markets watchdog investigates D. Boerse's handling of new CEO hire
December 1, 2017 / 10:15 AM / 11 days ago

Markets watchdog investigates D. Boerse's handling of new CEO hire

FRANKFURT (Reuters) - Germany’s financial markets watchdog BaFin is questioning Deutsche Boerse over how it communicated the appointment of Theodor Weimer as chief executive, the regulator said on Friday.

The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo

The stock exchange last month named UniCredit banker Weimer as CEO-designate.

BaFin has asked Deutsche Boerse for information on the timing of the disclosure, a spokeswoman for the regulator said, confirming a report by weekly Wirtschaftswoche.

The appointment was previously reported by several media outlets, including Reuters.

A fine for delayed disclosure could be up to 2 percent of annual sales, or 48 million euros (£42.37 million), Wirtschaftswoche said.

The watchdog said it was also looking into Deutsche Boerse potentially misleading the public on an investigation by prosecutors into the allegations of insider trading by outgoing Chief Executive Carsten Kengeter.

Deutsche Boerse in July flagged a deal with Frankfurt prosecutors under which Kengeter would be cleared of personal wrongdoing and Deutsche Boerse would be fined 10.5 million euros ($12 million). But within days, it emerged that Kengeter had not yet been exonerated. Kengeter has denied any wrongdoing.

Deutsche Boerse declined to comment.

Reporting by Ludwig Burger and Andreas Framke. Editing by Jane Merriman

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