Deutsche Boerse accepts €10.5m fines over insider trading case involving former boss

Deutsche Borse has accepted fines of €10.5m (£9.4m) issued by a Frankfurt court following an insider trading case involving the German stock exchange’s former boss Carsten Kengeter.

The court fines Deutsche Borse €5m for an alleged breach of the insider trading ban in December 2015 and a further €5.5m for failing to make a public announcement in January 2016, the company said last night.

It said the District Court of Frankfurt am Main had terminated its investigation in Kengeter and that Deutsche Borse had been fined as an “ancillary party.”

The investigation was launched when it emerged Kengeter bought shares in Deutsche Boerse in December 2015 just two months before the company announced it was in talks to merge with the London Stock Exchange, a merger which eventually fell through.

“The company remains firmly convinced that the allegations were unfounded,” Deutsche Boerse said in a statement.

“However, after a detailed examination and weighing all relevant aspects, Deutsche Boerse AG concluded that a termination of the proceedings on this basis is in the best interest of the company.”

Kengeter, who stepped down in October 2017 amid the investigation, has denied any wrongdoing and has said he bought the shares through an official executive compensation programme.