Deutsche Brse has questioned the ban on naked short-selling of German debt securities and financial companies. In Deutsche Brse’s annual meeting, CEO Reto Francioni said that the ban enacted by German regulator Bafin last week was “unsuitable” to prevent speculation, according to the Wall Street Journal.
Deutsche Brse is one of ten financial companies covered by the ban, including Deutsche Bank AG and Allianze SE.
The ban comes less than a month after the Greek financial regulator, the Hellenic Capital Market Commission, banned the short selling of shares listed on the Athens Exchange.
47% of Deutsche Brse shareholders also voted against a new pay package for Francioni and his fellow executives.
Profits from Eurex, Deutsche Brses derivatives exchange, fell 23%. The fall was blamed on lower volatility in European index derivatives and US options. In comparison, NYSE Euronext, which now garners the majority of its revenue from derivatives, experienced a 25% increase in net profit.
Revenues in Clearstream also fell 1%.