Hanging in the balance

Commerzbank has won the second round of a legal case meaning the bank no longer pays Deutsche Borse licence fees to base structured products on the exchange's flagship Dax index. Deutsche Borse is set to appeal against the decision, but one of its major revenue streams has been thrown into question

Index providers are scratching their heads following a recent ruling from a German court. Across the world they are now nervously awaiting the outcome of an appeal soon to be lodged by German exchange and index provider Deutsche Borse that could shape the very future of their businesses. They are hoping that German courts will overturn a decision that effectively suggests that banks issuing structured products tied to an index, at least in Germany, no longer have to pay licence fees to index

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