Deutsche Börse in the cum-ex scandal: the trading center is more involved than known

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Keep your

eyes

peeled

:

Head of the stock exchange

Theodor Weimer

has to deal with allegations against trading surveillance

Photo: 

Bloomberg / Getty Images

Theodor Weimer

(61) is proficient in dealing with the sins of his predecessors.

Even as head of Hypovereinsbank, he had to eliminate the consequences of illegal tax refunds, known as "Cum-Ex" for short.

HVB employees ran the business from 2005 to 2008, in which customers had a capital gains tax paid once by the state reimbursed twice.

Weimer only became boss afterwards, but had to pay for it.

Overall, the affair cost HVB 220 million euros (see graphic "Expensive trickery").

Icon: enlarge Photo: manager magazin

Weimer has been chairing the board of Deutsche Börse for three years, and now the cum-ex scandal is catching up with him again.

Again it is about alleged missteps of his predecessors.

The Hessian stock exchange supervisory authority has been investigating for around a year whether the group has violated the law.

The authority investigates indications that the stock exchange may not have recognized and reported market manipulation early on and that its control mechanisms have failed.

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