The shares of the German fintech Wirecard will no longer be part of the selective Dax of the Frankfurt Stock Exchange on August 21, before the review scheduled for September 3, after Deutsche Börse has announced a change in the rules they regulate the indices of the German Stock Exchange. This was reported by Investing.com on August 13th.
It is worth recalling that Wirecard was declared suspended at the end of June due to an accounting scandal.
On the other hand, the press agency Europe reported in this regard: “The new regulation for insolvency companies was determined after a consultation with the market between July 17th and August 7th, since companies from other EU countries can also become members of the index. The rule does not only apply to German insolvency law”.
According to this agency, the manager of the Frankfurt Stock Exchange declared: “Insolvent companies will be excluded from the selection with a period of two working days.” The new rules will be applied from August 19, so that the changes in the composition of the indices derived from this change will take effect on August 21, 2020.
Deutsche Börse announced: “Changes in the composition of the selective DAX indices will be announced on August 19th 2020 after 10 p.m. and will be implemented on August 21 after market close. The affected indices will be calculated with the new composition from August 24, 2020. “These rule changes would apply to Wirecard.
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