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Deutsche Boerse to de-list Coinbase from Xetra, Frankfurt trade

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·2 min read
FILE PHOTO: The trading floor is seen at the end of a trading day at the German stock exchange (Deutsche Boerse) in Frankfurt
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BERLIN (Reuters) - Deutsche Boerse said on Wednesday it would de-list the shares of cryptocurrency exchange Coinbase Global from its Xetra trading system and the Frankfurt stock exchange by the end of Friday's trading session.

"The reason for the de-listing is a missing reference data for these shares," Deutsche Boerse said, adding that the de-listing would apply until further notice.

When Coinbase trading started at Deutsche Boerse's platforms, a wrong reference code - a so-called LEI code - was used by mistake, Deutsche Boerse said. It was not clear whose mistake it was.

Such an individual reference code is needed for identification and a regulatory requirement for admission to trading. "The only way for Coinbase to resume trading is for the issuer to apply for an LEI," Deutsche Boerse said.

Coinbase did not immediately respond to an emailed request for comment outside U.S. business hours.

Deutsche Boerse subsidiary Clearstream, a major European player in the clearing and settlement of trades, has cancelled the settlement agreement for Coinbase shares effective April 23, a person familiar with the matter told Reuters.

As a result, not only the Frankfurt stock exchange but also other German exchanges will stop trading the shares, the source added.

Clearstream declined to comment.

The U.S. cryptocurrency exchange made its Nasdaq debut last week, its direct listing marking a major milestone in the development of bitcoin and other digital assets.

The listing of the San Francisco-based firm is by far the biggest yet of a cryptocurrency company, with its market capitalisation briefly topping $100 billion on its first day of trading. As of Tuesday, its market capitalisation stood at $63.9 billion.

(Reporting by Hans Seidenstuecker, Patricia Uhlig, Tom Wilson; Writing by Kirsti Knolle and Ludwig Burger; Editing by Madeline Chambers, Maria Sheahan and Paul Simao)