"Wirecard is a signal that tells us: Our architecture of securities market supervision is not optimally set," says Jan Pieter Krahnen in the Leibniz Association's podcast "Tonspur Wissen." Thus, the Director of the Leibniz Institute for Financial Research SAFE sums up the recommendations of an international team of financial and legal researchers around SAFE, which presented a report on the Wirecard case commissioned by the European Parliament.
"We must preserve the information flow of the capital market," Krahnen continued. The market supervisor itself must have a clear mandate for market integrity and investor protection. "This has not been implemented in this way so far," the SAFE director explains. In addition, the Wirecard case makes it clear that the supervisory authority needs stronger rights of intervention than it has had so far. Finally, European supervision is needed that creates a standard of market integrity in all European capital markets, "just as we managed to do in the banking sector with banking supervision after the global financial crisis," says Krahnen.
The Leibniz Association's "Tonspur Wissen" podcast, developed in cooperation with t-online and the German journalist Ursula Weidenfeld, was launched in October 2019 with eight long episodes on diverse topics from the Association's member institutes. By mid-September 2020, more than 600,000 views had been achieved with 40 episodes up to date.