{"id":7958,"date":"2022-06-06T13:53:06","date_gmt":"2022-06-06T13:53:06","guid":{"rendered":"https:\/\/gfk-cfs.de\/?p=7958"},"modified":"2022-06-06T13:55:16","modified_gmt":"2022-06-06T13:55:16","slug":"cfs-survey-on-the-impacts-of-the-wirecard-scandal-german-financial-sector-sees-considerable-need-for-financial-regulatory-reform-in-germany","status":"publish","type":"post","link":"https:\/\/gfk-cfs.de\/en\/news\/cfs-survey-on-the-impacts-of-the-wirecard-scandal-german-financial-sector-sees-considerable-need-for-financial-regulatory-reform-in-germany\/","title":{"rendered":"CFS survey on the \u201cImpacts of the Wirecard scandal\u201d &#8211; German financial sector sees considerable need for financial regulatory reform in Germany"},"content":{"rendered":"<h3 style=\"text-align:justify;\">German financial industry sees a need for DAX reform <\/h3>\n<p style=\"text-align:justify;\">The Wirecard scandal has not only raised questions about the role of the regulator BaFin and the responsible auditing firm, it has also triggered discussions about the criteria for DAX membership. After all, the now insolvent company Wirecard took the place of Commerzbank in the DAX index in 2018. The CFS asked financial industry executives for their views on potential DAX reforms. <\/p>\n<p style=\"text-align:justify\">Over 55% of those surveyed believe that only profitable companies should be admitted to the DAX in future. Currently this is not among the selection criteria.<\/p>\n<p style=\"text-align:justify;\">\u201cHad this rule applied, the company delivery hero would not have been admitted to the DAX,\u201d explains Professor Volker Br\u00fchl, Managing Director of the CFS. By contrast, around 75% of the respondents oppose the idea of removing companies from the DAX if they suffer a lengthy period of losses, so long as they continue to meet the other criteria such as market capitalisation and liquidity.<\/p>\n<p style=\"text-align:justify;\">Another interesting finding is that just under 52% of those surveyed do not see fit to apply sustainability criteria for inclusion in the DAX, while around 45% would welcome such a move. \u201cThis comes as an initial surprise, as ESG criteria are gaining in importance for investors. On the other hand, Deutsche B\u00f6rse has already launched a \u2018green\u2019 version of the DAX in the form of the DAX 50 ESG.\u201d <\/p>\n<p style=\"text-align:justify;\">A significant majority of around 56% would support a more frequent review of the index composition in the future. The idea of abandoning order book turnover as an eligibility criterion is met with even more agreement, with around 60% of respondents in favour. Instead \u2013 as is common practice internationally \u2013 a minimum level of share liquidity should suffice for a DAX listing.<\/p>\n<p style=\"text-align:justify;\">\u201cThe Wirecard case and the result of the CFS survey clearly show that an adjustment of the admission criteria for the DAX is indispensable. We do not have to reinvent the wheel, but rather adapt the procedure to the international stage,\u201d explains Hubertus V\u00e4th, Managing Director of Frankfurt Main Finance. <\/p>\n<p style=\"text-align:justify;\">A clear majority of around 55% of those surveyed believe that the number of DAX-listed companies should be increased from 30 at present to 40 or 50; only around 38% see no need to expand the index. <\/p>\n<p style=\"text-align:justify;\">\u201cI very much welcome Deutsche B\u00f6rse&#8217;s proposal to increase the number of DAX members to 40. However, the expansion would have to be linked to a more regular company review in order to reduce the risk of reputational damage,\u201d explains V\u00e4th. <\/p>\n<p style=\"text-align: justify;\">_______________________<\/p>\n<p style=\"text-align:justify;\"> <span style=\"font-weight: bold;\">We would like to thank Frankfurt Main Finance e.V. for financially supporting the project. <\/span><\/p>\n<p><a href=\"https:\/\/www.ifk-cfs.de\/?file:8892\" target=\"_blank\" rel=\"noopener\">Press Release (pdf)<\/a><\/p>\n<p><a href=\"https:\/\/www.ifk-cfs.de\/?file:8888\" target=\"_blank\" rel=\"noopener\">Presentation (pdf, German)<\/a><\/p>\n<p style=\"text-align: justify;\"> In case of further questions, please contact: <br \/>Sebastian Frontczak<br \/>Center for Financial Studies<br \/>House of Finance<br \/>Goethe-Universit\u00e4t Frankfurt<br \/>E-Mail: <a href=\"mailto:frontczak@ifk-cfs.de\">frontczak(at)ifk-cfs.de<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>German financial industry sees a need for DAX reform The [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[132,130,116],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - 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