2023-06-09 18:24:48
Rregulation: the word makes the hairs on the back of many a banker stand up. Last but not least, supervision is responsible for the fact that the number of banks and savings banks in this country continues to decrease. And the reason for the consolidation of savings banks or cooperative banks is almost always the increased requirements of the supervisors. Because job cuts only rarely go hand in hand with the mergers.
Of course, the Bafin does not want to be called a toothless tiger again, as it was back then: when the flagship Dax company Wirecard turned out to be an air number and many private investors lost 100 euros and more – per share bought.
And Deutsche Börse also likes to play hard when it comes to regulation. The Hamburg biotech company Evotec threw the self-listed operator of the trading venue out of the middle index M-Dax at the beginning of May. Like Wirecard, Evotec was not able to present an audited annual financial statement in time. But not because, as with the Aschheim payment service provider, the auditors got cold feet at the very last moment.
The Hamburg biotech company was the victim of a hacker attack, which delayed the presentation of the annual financial statements. Nevertheless, the German stock exchange did not know mercy. Just this week Evotec has – again – become a veritable mean.
Deutsche Bank in custody
The regulation in the USA was not taken quite so precisely. The tipping over of a handful of institutes in the west of the country this spring was definitely also felt in Germany. At least for Deutsche Bank shareholders. The paper from Germany’s largest commercial bank was taken into custody by the investors – for whatever reason – and has not recovered to this day.
Deutsche Bank shares have lost almost 10 percent since the beginning of the year. For comparison: the leading German index Dax increased by more than 13 percent in the same period and the Euro Stoxx Banks is also a good 5 points higher than at the beginning of the year.
US crypto exchanges under pressure
However, this is all a petty book compared to what is going on in the US crypto market right now. The regulator there wants to freeze the US assets of the world’s largest crypto exchange Binance. The accusation: Binance operates an unlicensed securities exchange, manipulated sales with the help of bogus transactions and diverted customer funds. The industry, which has just recovered from the bitcoin price drop, howls.
“It can take months or even years to settle disputes between exchanges and regulators. With an open exit. This is a really critical situation for crypto investors in the US. There is a lack of legal certainty for the further development of the services,” says Nourdine Abderrahmane, partner and expert for cryptocurrencies at the banking consultancy LPA. The consultant believes that this can be an advantage in Europe, where cryptocurrencies have long been kept on a much shorter regulatory leash. Ergo: A bit of regulation is needed – but the dose makes the poison.
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