Deutsche Boerse expels Wirecard from Germany's blue-chip index DAX

In 2018 Wirecard, at the time a rising technology star, was promoted to the DAX index of 30 leading companies, displacing Commerzbank. But in a dramatic fall from grace, it filed for insolvency in June after disclosing a 1.9 billion euro hole in its accounts that auditor EY said stemmed from a sophisticated global fraud. (Wirecard HQ - Filepic)

FRANKFURT: Exchange operator Deutsche Boerse will remove Wirecard, the payments company that folded after an accounting scandal, from the DAX index of Germany's leading blue-chip stocks this month following an index rule change.

The exchange operator on Wednesday said it had opted for new rules - which were proposed last month - to allow for a DAX removal within two days in the case of an insolvency.