Bafin is targeting Deutsche Börse

Frankfurt The financial supervisory authority Bafin has identified deficiencies in several subsidiaries of Deutsche Börse. Among other things, this involves the outsourcing of IT services and the management of tax risks. The Bafin called on the companies to eliminate the weak points and to “ensure proper business organization”.

The reason for Bafin’s complaint are special audits that the authority carried out in mid and late 2021 at the exchange subsidiaries Eurex Clearing AG, Clearstream Banking AG Frankfurt and Clearstream Holding AG. The companies are mainly responsible for the processing of transactions and the safekeeping of securities.

According to Handelsblatt information from financial circles, the reason for the special audit at Eurex Clearing was also the investigations by the Cologne public prosecutor’s office into so-called cum-ex transactions. Banks and investors have cheated the state out of billions for years by having capital gains tax that was only paid once reimbursed several times in dividend transactions.