CEO Carsten Kengeter is no longer the only member of the group's senior management under investigation.
Any hopes Deutsche Börse had of a quick resolution after last month’s settlement of a trading probe were summarily crushed as Frankfurt prosecutors expanded an ongoing investigation. Initially, an investigation was looking into Deutsche Börse CEO Carsten Kengeter’s role in share purchases, however the probe has now expanded to all leading management.
Originally launched back in February 2017 by German prosecutors, the probe focused on Mr. Kengeter, alleging insider trading of company stock. The timing of share purchases had been suspect given its proximity to the ultimately doomed bid and merger with the London Stock Exchange (LSE).
For his part, Mr. Kengeter has towed the same line since the investigation was first brought to light, firmly shooting down any such allegations. Over the past few months he has on multiple occasions reiterated that any insider charges against him would prove totally unfounded and that he had no role in dictating the timing of his share purchases with the announced merger plans with the LSE.
Last month’s settlement gave little credence to his stance – allegations had extended back to a 2015 purchase of over $4.85 million of Deutsche Börse shares at the onset of merger talks with the LSE. While Deutsche Börse was hit with a $12.3 million (€10.5 million fine), Mr. Kengeter was not cleared of all wrongdoing with the investigation left still open and ongoing.
Reliability of management being questioned
Fast-forwarding to the present, German investigators are now examining not just Mr. Kengeter but all of the group’s management, according to an FT report. In particular, domestic authorities are opening up a broader investigation into the ‘reliability’ of Deutsche Börse’s currently installed management in running the exchange.
The timing of the expanded probe is noteworthy given that Mr. Kengeter’s contract is up for renewal in March 2018. Any lingering uncertainty, or worse, expanded charges could complicate the decision to keep him on. However, Deutsche Börse chairman Joachim Faber has already stated he wants to keep Mr. Kengeter in his current role.
Deutsche Börse is hoping for a quick and speedy resolution, as it looks into a potential expansion of a euro interest rate Swaps clearing business.
Any hopes Deutsche Börse had of a quick resolution after last month’s settlement of a trading probe were summarily crushed as Frankfurt prosecutors expanded an ongoing investigation. Initially, an investigation was looking into Deutsche Börse CEO Carsten Kengeter’s role in share purchases, however the probe has now expanded to all leading management.
Originally launched back in February 2017 by German prosecutors, the probe focused on Mr. Kengeter, alleging insider trading of company stock. The timing of share purchases had been suspect given its proximity to the ultimately doomed bid and merger with the London Stock Exchange (LSE).
For his part, Mr. Kengeter has towed the same line since the investigation was first brought to light, firmly shooting down any such allegations. Over the past few months he has on multiple occasions reiterated that any insider charges against him would prove totally unfounded and that he had no role in dictating the timing of his share purchases with the announced merger plans with the LSE.
Last month’s settlement gave little credence to his stance – allegations had extended back to a 2015 purchase of over $4.85 million of Deutsche Börse shares at the onset of merger talks with the LSE. While Deutsche Börse was hit with a $12.3 million (€10.5 million fine), Mr. Kengeter was not cleared of all wrongdoing with the investigation left still open and ongoing.
Reliability of management being questioned
Fast-forwarding to the present, German investigators are now examining not just Mr. Kengeter but all of the group’s management, according to an FT report. In particular, domestic authorities are opening up a broader investigation into the ‘reliability’ of Deutsche Börse’s currently installed management in running the exchange.
The timing of the expanded probe is noteworthy given that Mr. Kengeter’s contract is up for renewal in March 2018. Any lingering uncertainty, or worse, expanded charges could complicate the decision to keep him on. However, Deutsche Börse chairman Joachim Faber has already stated he wants to keep Mr. Kengeter in his current role.
Deutsche Börse is hoping for a quick and speedy resolution, as it looks into a potential expansion of a euro interest rate Swaps clearing business.
FX Volatility Impacts Q1 Revenue of Compagnie Financière Tradition
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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