With our position papers we engage in political debates and expert discussions regarding capital market issues - representing the interests of our members. Each year, numerous and detailed positions cover the various areas of our work: the primary market, the secondary market, the governance of listed companies and the economic education.
Below you will find our position papers which focus on European legislation - mostly in English and partially in German language. All our positions including papers with focus on national topics you will find on our German website.
The regulation of banks will be tightened again soon, as the implementation of the so-called "Basel IV" framework in the EU is on the agenda. Among other things, banks will then have to reserve more equity capital for positions in derivatives. This will make it more expensive for non-financial companies to use such derivatives to hedge against risks arising from fluctuations in exchange rates, interest rates and commodity prices. Deutsches Aktieninstitut estimates for a sample of 16 non-financial companies that these extra costs will be between 200 and 280 million euros per year. We therefore advocate that such negative effects be avoided in the implementation of Basel IV.
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