Deutsche Boerse Says Wirecard to Leave DAX Index Following Change in Rules
13 August 2020 - 8:50AM
Dow Jones News
By Sarah Sloat
Deutsche Boerse AG said late Wednesday that a new rule requiring
insolvent companies to leave its DAX index on short notice will
affect Wirecard AG, the German fintech company that collapsed amid
an accounting scandal in June.
Deutsche Boerse said insolvent companies would be removed from
the DAX index of German blue chips with two trading days' notice,
effective Aug. 19. The new composition of the index will be
announced on Aug. 19 and implemented on Aug. 21 after the market
closes, the German stock-market operator said.
Wirecard, which joined the DAX in 2018, filed for insolvency in
late June after auditors said they couldn't find 1.9 billion euros
($2.2 billion) of the company's money. The amount equaled roughly
one-quarter of the value of Wirecard's balance sheet.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
August 13, 2020 02:35 ET (06:35 GMT)
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