The German stock market now changes but her Dax set of rules due to the insolvent payment processor Wirecard. As the Frankfurt stock exchange operator announced on late Wednesday evening after the close of trading, has spoken out in a survey of market participants, the vast majority for a rule change. Therefore, in the future, a company that files a bankruptcy petition will need to, immediately the selection indices of Deutsche Börse leave – whether it's the Dax, M-Dax, S-Dax or the other.
editor in the economy of the Frankfurt General Sunday newspaper.F. A. Z.
According to the stock exchange 21 professional investors and 88 of the private investors have participated in the survey. 95 voted for the rule change, including all of the professional participants. Nine private investors voted against the Amendment, and five gave no clear opinion. The text of the comments of the market participants to rule changes in the stock market not open to the public.
The Bavarian payment processor Wirecard had made in June, as the first Dax company in the history of bankruptcy. The share price had fallen by more than 100 to barely more than a Euro. For inclusion in the Dax two years ago, the rate had risen to almost 200 euros and the market value amounted to 24 billion euros. Of these, around 200 million Euro are left. Unlike most index rule works on the German stock exchange provided for such a case, however, no immediate withdrawal of the value of its benchmark index, the Dax. Because there was fierce criticism, who wore the stock market in mid-July, after some Hesitation, in which she led a survey of market participants in the way.
The rulebook is now up to 19. August changed. Next Wednesday can then be made on the Basis of the new rules, the decision is made, Wirecard will now take an unscheduled basis because of the insolvency request from the Index. Two full trading days must elapse between the decision and the implementation, the Thursday and Friday of next week would be. Friday, 21 would be. August, the last trading day of Wirecard in the Dax.
Zusätzlichzu the rule change for immediate expulsion from the company with the bankruptcy application, the Dax is subjected to the rules currently, an in-depth examination. Also for possible further rule changes, there will be a market consultation. The results should be announced until the end of the year.
It is an uncomfortable Chapter for the German stock market. On Wednesday evening the ZDF broadcast, aktenzeichen XY with the case of Wirecard dealt even. The former Executive Board, Jan Marsalek since mid-June on the run. The Federal criminal police office looks to the public according to him. The Austrians suspected to have together with the other defendants, the balance sheet total and the volume of sales through sham transactions inflated the company financial strong and for investors and customers in a more attractive display. Investigators suspect him of the very serious If the infidelity and the professional band of fraud. "Due to the current investigation results in a residence of the person Sought in the foreign countries is considered very likely," said the BKA on Wednesday in Wiesbaden.Date Of Update: 12 August 2020, 17:20