Online Brokerage FlatexDEGIRO Plunges on Warning, BaFin Audit

(Updates share move and adds peer performance. A previous version of this story corrected Exane’s prior recommendation.)

FlatexDEGIRO falls as much as 38%, the biggest intraday drop since its 2009 listing, after the online brokerage firm cut its revenue forecast and said it was working on measures to address shortcomings in some business practices and governance identified by a BaFin audit.

• Shares briefly hit their lowest level since March 2020 at EU6.31, before paring drop to -29% as of 11:25am in Frankfurt
• Morgan Stanley analysts said they “expect news on increased regulatory requirements to surprise negatively given management’s recent comments ...