By Sarah Sloat

Deutsche Boerse AG said late Wednesday that a new rule requiring insolvent companies to leave its DAX index on short notice will affect Wirecard AG, the German fintech company that collapsed amid an accounting scandal in June.

Deutsche Boerse said insolvent companies would be removed from the DAX index of German blue chips with two trading days' notice, effective Aug. 19. The new composition of the index will be announced on Aug. 19 and implemented on Aug. 21 after the market closes, the German stock-market operator said.

Wirecard, which joined the DAX in 2018, filed for insolvency in late June after auditors said they couldn't find 1.9 billion euros ($2.2 billion) of the company's money. The amount equaled roughly one-quarter of the value of Wirecard's balance sheet.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

August 13, 2020 02:35 ET (06:35 GMT)

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