If there is one person that should never be accused of insider dealing, it is the head of a stock exchange. But that is exactly what has happened in Germany.

On 1 February, German prosecutors raided the Frankfurt apartment of Deutsche Borse Chief Executive Carsten Kengeter and the company’s head offices amid a probe into suspected insider share dealing ahead of the group’s planned merger with the London Stock Exchange (LSE).

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...