Accusations concern buying €4.5m worth of shares in the German stock exchange prior to merger talks with London Stock Exchange

The chief executive of Germany’s stock exchange has resigned to avoid distractions caused by allegations that he has been involved in insider dealing.

The Frankfurt-based Deutsche Börse announced Carsten Kengeter would leave at the end of the year just days after a German court refused to back a settlement over the allegations under which he had agreed to a €500,000 (£443,281) penalty and the Börse €10.5m.

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