Lutz Raettig, head of Morgan Stanley in Germany, is replacing Rolf Breuer, the former chief executive of Deutsche Bank, as chairman of the Frankfurt stock exchange council, which is the German exchange's supervisory and regulatory body.

To sit on the Frankfurt stock exchange council members have to hold executive roles on the management board of a company, not the supervisory board, according to a spokesman for Deutsche Börse. Breuer stepped down as chief of Deutsche in May, and was succeeded by Josef Ackerman. He is still chairman of the bank's supervisory board.