As per the recent announcement made by Germany financial services and marketplace provider Deutsche Borse, its head of trading surveillance division and long-time employee, Michael Zollweg, is set to resign from his current role at the end of this year.
While Mr. Zollweg is standing down from his current role, he is completely cutting ties with the German marketplace giant immediately as the announcement indicated that he will continue to stay on in the capacity of consultant in the area of trading surveillance for one more year post which he is expected to cut ties and move on to new endeavors. While the most recent high-level leadership role changes taking place among German financial service giants these days are as a result of massive layoffs or owing to disagreements with members from board and higher management team, Mr. Zollweg’s resignation from his role seems to have been made from his own volition and is on best of terms with the firm.
Mr. Zollweg has been a part of the firm for nearly 19 years now and will have served at the firm for exactly twenty-one years when he finally cuts ties with the firm at the end of 2020. Michael joined the German market place organizer back in January of 2000 as Head of Trading Surveillance and has held on to the role for the entirety of his term at the firm till date. As head of trading surveillance department, Zollweg was in charge of trading surveillance office of two major subsidiaries of Deutsche Borse Group namely Frankfurt stock exchange group and Eurex exchange.
While the office is a part of both these exchanges, it was formed and continues to act as an independent supervisory body based on the German Exchange Act. The office served as cross-exchange surveillance under a single roof to ensure that interactions between both markets can be taken into account when performing regulatory analysis.
The office was open for market participants so that they can contact TSO directly in case of any suspicious trading activities or irregularities found in trading activities. In his role as head of TSO, Michael was actively engaged in national and international committees and working groups. The most notable of his roles in the above-motioned activities in his role as a representative for Intermarket Surveillance Group which is an association made up of 60 international trading inspectors. During his term at ISG, he led working groups which focused on detecting market abuse in electronic trading and regulatory issues.
Commenting on Michael’s decision to step down as Head of TSO, Martin Reck, Board member of the Frankfurt Stock Exchange stated, “We would like to thank Michael Zollweg for his many years of service for Deutsche Börse Group. As Head of the Trading Surveillance Office, he was responsible for the ongoing development and expansion of digital surveillance of electronic trading systems and pioneered the integrated supervising of the cash and derivatives market”.
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