Deutsche Boerse proposes new rules for quick DAX expulsion in wake of Wirecard

FILE PHOTO: Bull and bear, symbols for successful and bad trading are seen in front of the German stock exchange (Deutsche Boerse), as markets react on the coronavirus disease (COVID-19) in Frankfurt, Germany, March 25, 2020. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - In the wake of the Wirecard WDIG.DE accounting scandal, exchange operator Deutsche Boerse DB1Gn.DE said on Friday it was proposing rules to enable it to quickly expel companies from the leading DAX index when those firms file for insolvency.

This ruling, if adopted, could mean that Wirecard would leave the DAX index in August, rather than during a regular review of the index makeup in September.

(This story corrects to read Friday, paragraph 1)

Reporting by Hans Seidenstuecker and Tom Sims; Editing by Michelle Martin