The German stock exchange operator Deutsche Börse has agreed to pay 10.5 million euros, or about $12.5 million, in fines to resolve an investigation by German authorities into possible insider trading before its talks to merge with the London Stock Exchange Group became public.
The proposed deal between the two exchange operators was announced last year, and would have created by far the largest operator of stock markets in Europe, combining bourses in Britain, Germany and Italy as well as several of the region’s largest clearinghouses. The proposal fell apart this year.
The public prosecutor’s office in Frankfurt has been examining share purchases by Carsten Kengeter, the Deutsche Börse chief executive, in December 2015.
Well, everyone’s insisting he didn’t but they’re to pay the fine anyway.
So, let us just consider this as an allegation. The CEO of a stock exchange is alleged to have insider traded over the merger of his own stock exchange. Can we get much more recursive than that?