The company of food delivery to home Delivery Hero will spend the next Monday, 24 of August, to form part of the selective DAX of the Frankfurt Stock exchange in the that will replace the defenestrada fintech Wirecard, which will be removed from the index under the new regulation approved by Deutsche Boerse for the expulsion of companies in situation of insolvency.
The output of Wirecard, that joined the DAX in September 2018 in substitution of the bank Commerzbankoccurs after the accounting scandal that affects the entity after detecting a hole of 1,900 million euros in their accounts by the fact that several of its executives have been arrested and that forced the company to file for suspension of payments on the 25th of June.
The titles of the fintech German founded nine years ago came to the quote above 192 euros after its entry into the DAX in September 2018, but after the accounting scandal that affects the company quote now it is situated slightly above 1 euro.
Change of rules
The expulsion of Wirecard’s DAX prior to the review scheduled for next September 3 it has been possible after the deployment by Deutsche Boerse of a change in the rules governing the indices of the German stock market in order to be able check out of the same insolvent companies with a notice period of two business days.
In addition to abandon the selective DAX, the titles of Wirecard will also stop trading in other indices such as the MDax, SDax and TecDax. In this way, the fintech will be replaced in the TecDax by Been completed Laser & Electronicswhile Aixtron take his place in the MDax and Hornbach-Baumarkt will be the new component of the SDax.
“The changes in the composition of the indexes selective DAX was reported to the 19 August 2020 after 22 hours and will be implemented August 21, after the close of the market. The affected indexes are calculated with the re-composition of the August 24, 2020,” explained Deutsche Boerse.
In addition, and independently of the current change in the rules for dealing with insolvent corporations, the Deutsche Boerse has announced that will carry out an in-depth review of the rules of the DAX, which will perform a query in the markets whose results will be released by the end of 2020.