Deutsche Boerse CEO Carsten Kengeter to step down amid insider trading probe

The chief executive officer of Deutsche Boerse AG, Carsten Kengeter, pictured at the German stock exchange's annual general meeting at Jahrhunderthalle on May 11, 2016 in Frankfurt am Main, Germany.

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The chief executive officer of Deutsche Boerse AG, Carsten Kengeter, pictured at the German stock exchange’s annual general meeting at Jahrhunderthalle on May 11, 2016 in Frankfurt am Main, Germany.

Deutsche Boerse’s embattled chief executive Carsten Kengeter is usually stepping down amid continuing allegations of insider trading, the German exchange operator announced on Thursday.

The decision came at an extraordinary meeting of the supervisory board. No successor was named, as well as Kengeter will stay on until there’s a transition plan.

Deutsche Boerse said of which the resignation was “in order to allow the company to focus its energy back onto clients, business as well as growth as well as to avoid further burdens caused by the ongoing investigation”.

Kengeter as well as Deutsche Boerse have been dogged by an insider trading investigation since early This particular year.

The probe stems through shares Kengeter bought in December 2015, just months before formal merger talks with London Stock Exchange were announced.

The shares soared as well as investigators have been looking into whether Kengeter was already in merger talks before he bought his shares. The merger eventually failed.

Kengeter as well as Deutsche Boerse have denied wrongdoing.

Kengeter’s position became more tenuous earlier This particular week when a Frankfurt court ruled against a settlement of which would likely have helped him as well as Deutsche Boerse put the case behind them.

The resignation means two top exchanges will be seeking brand new chiefs. Last week, Xavier Rolet, chief executive of the London Stock Exchange Group, said he would likely step down at the end of next year.

Deutsche Boerse as well as LSE, which had sought to merge, are currently competing for market share inside the run-up to Britain’s exit through the European Union.

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