The group has reached a €10.5m settlement with prosecutors over insider trading charges against Carsten Kengeter.
Deutsche Börse has moved for a resolution regarding the insider trading allegations relating to Carsten Kengeter’s role in share purchases extending back to 2015. Mr. Kengeter found himself facing pressure from German regulators after purchasing $4.85 million in Deutsche Börse shares at the onset of merger talks with the London Stock Exchange (LSE).
The decision follows last month’s development, which grew to include not only Mr. Kengeter but all of the bourse’s leading management. While Deutsche Börse was hit with a collective $12.5 million (€10.5 million) fine in August, Mr. Kengeter was not cleared of wrongdoing and the investigation was still ongoing.
Amidst the growing scale of the probe however, Deutsche Börse moved for a closure of the investigation this week, deciding to reach a resolution with Frankfurt public prosecutors. Consequently, the group is accepting the fines related to the accusations of insider trading in December 2015, and to an alleged failure to publish an internal announcement back in January 2016.
This action will see Deutsche Börse pay the previously announced fines amounting to €10.5 million ($12.5 million). Deutsche Börse’s executive and supervisory boards feel that no violation was committed relating to capital markets rules.
Coming to terms
Mr. Kengeter has towed the same line ever since the investigation was first brought to light, firmly shooting down all allegations. Over the past few months he has on multiple occasions reiterated that any insider trading 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.
However, the timing of the moves, in close proximity to the merger plans which were revealed shortly after in early 2016, proved to be a point of contention for prosecutors – shares managed to soar during this period with investors bullish on a successful merger. That deal ultimately failed earlier this year.
The group’s decision to accept the fines represents the first step in moving past the ordeal not just for Mr. Kengeter but for the rest of Deutsche Börse’s management too. The group will now look to re-calibrate and focus on its future business, having been plagued by investigations for years.
Deutsche Börse has moved for a resolution regarding the insider trading allegations relating to Carsten Kengeter’s role in share purchases extending back to 2015. Mr. Kengeter found himself facing pressure from German regulators after purchasing $4.85 million in Deutsche Börse shares at the onset of merger talks with the London Stock Exchange (LSE).
The decision follows last month’s development, which grew to include not only Mr. Kengeter but all of the bourse’s leading management. While Deutsche Börse was hit with a collective $12.5 million (€10.5 million) fine in August, Mr. Kengeter was not cleared of wrongdoing and the investigation was still ongoing.
Amidst the growing scale of the probe however, Deutsche Börse moved for a closure of the investigation this week, deciding to reach a resolution with Frankfurt public prosecutors. Consequently, the group is accepting the fines related to the accusations of insider trading in December 2015, and to an alleged failure to publish an internal announcement back in January 2016.
This action will see Deutsche Börse pay the previously announced fines amounting to €10.5 million ($12.5 million). Deutsche Börse’s executive and supervisory boards feel that no violation was committed relating to capital markets rules.
Coming to terms
Mr. Kengeter has towed the same line ever since the investigation was first brought to light, firmly shooting down all allegations. Over the past few months he has on multiple occasions reiterated that any insider trading 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.
However, the timing of the moves, in close proximity to the merger plans which were revealed shortly after in early 2016, proved to be a point of contention for prosecutors – shares managed to soar during this period with investors bullish on a successful merger. That deal ultimately failed earlier this year.
The group’s decision to accept the fines represents the first step in moving past the ordeal not just for Mr. Kengeter but for the rest of Deutsche Börse’s management too. The group will now look to re-calibrate and focus on its future business, having been plagued by investigations for years.
Institutional FX Demand Continues to Climb in April
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!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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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
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
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
📣 Stay updated with the latest in finance and trading!
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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
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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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
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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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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