Wirecard debacle initiates reform of the Dax rules

Twilight: Wirecard office building in Aschheim near Munich
Image: dpa

The banning of the scandalous company from the first league of the stock market is understandable, but hardly creates any useful value for market participants. The stock exchange now wants to subject the Dax rules to a further in-depth review.

E.It was bitter symbolism that Deutsche Börse announced the decision to ban Wirecard from the Dax share index on the same evening that the television program Aktenzeichen XY called on its viewers to help them find a former member of the management board of the payment services provider. The CFO Jan Marsalek, who has even been publicly wanted since Wednesday, has been in hiding since mid-June, while Markus Braun, the former CEO who has been relieved of his post, is in custody. The company, once celebrated as a star on the stock market, filed for bankruptcy after a billion-dollar accounting fraud had been exposed.

Despite this chain of incredible events, Wirecard still officially belongs to the Dax selection index, i.e. to the first German stock market league. The decision to remove Wirecard from the ranks of the 30 most important companies traded on the German stock exchange due to its bankruptcy application will only be implemented after the end of the trading day on Friday, August 21.


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