German prosecutors are currently investigating Deutsche Boerse boss Carsten Kengeter to do with possible insider trading.
Kengeter bought around 4.5m euros (£3.85m) of stock in his own company, this was just two months before the German exchange spoke of merger talks with the London Stock Exchange (LSE).
However, Deutsche Boerse has said the 2015 purchase was related to its remuneration programme.
Deutsche Boerse’s Joachim Faber, the supervisory board chairman said: “The accusations are groundless,”
He added: “Only in the second half of January 2016 did the two chairmen and CEOs agree to begin negotiations for a merger of LSE Group and Deutsche Boerse,”
The company and chief executive are fully cooperating with the investigation.
Since Kengeter bought the shares, Deutsche Boerse’s stock has gained around 11 per cent.