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Reports, insights, analyses and opinions on Europe's biggest financial market.

„Regulation, once in place, doesn't simply disappear“

The EU is considering reversing the mandatory separation of commissions for securities transactions and fees for research – so called unbundling. But industry association DVFA remains sceptical about the details of the rebundling initiative.
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A conversation withThorsten Müller, DVFA
by Detlef Fechtner

Czech National Bank to study adding Bitcoin

The Czech National Bank is moving ahead with a study on investing 5% of its reserves in Bitcoin. The initiative from CNB Governor Aleš Michl comes as the United States is also considering crypto reserves.
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OpinionCentral bank reserves
by Björn Godenrath

Private equity firms in refinancing fever

European companies with lower credit ratings are currently refinancing themselves at a rapid pace. According to data from investment bank J.P. Morgan, the volume of high-yield bonds and Term Loans B climbed to a record of 34 billion euros in January
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Leveraged finance
by Christoph Ruhkamp

Exotic parties on the ballot paper

Twenty nine parties made it onto the ballot for the upcoming Bundestag elections – significantly fewer than in 2021. The short preparation time particularly affected the smaller parties.
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Noted inBerlin
by Andreas Heitker

Fresh ideas urgently needed

Without new growth paths, Germany's future as an industrialised nation is in doubt. Fresh ideas on economic policy should be at the top of the election campaign programmes.
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OpinionGerman business location
by Andreas Heitker

„Most companies are continuing with their climate programmes“

In spite of the about-turn on US climate policy under President Donald Trump, the global megatrend towards more renewable energy will continue, Allianz Board Member Günther Thallinger tells Börsen-Zeitung in an interview.
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Interview with Günther Thallinger, Allianz
by Michael Flämig

„Trump will try to undermine the Fed's independence“

LBBW Chief Economist Moritz Kraemer forecasts that the ECB will cut interest rates four more times this year, while the US Federal Reserve will only do so once at most. The latter could intensify President Donald Trump's attacks on the Fed.
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Interview withMoritz Kraemer, LBBW
by Martin Pirkl

Olympic Games open the door to private equity

The door could soon be open for private equity at the Olympic Games. One of the candidates for IOC President, Juan Antonio Samaranch, wants to form partnerships with deep-pocketed financial investors.
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Sport as an asset class
by Christoph Ruhkamp

After the reorganisation is before the reorganisation

In view of an unexpectedly sharp fall in after tax profits, Deutsche Bank has to once again sharpen up on costs and efficiency. Nonetheless, the multi-year transformation plan has been broadly successful.
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OpinionDeutsche Bank
by Anna Sleegers

ECB heading towards more complex rates decisions

Last week's decision by the ECB to cut rates was fairly straightforward. But from April onwards there is likely to be a fierce debate within the Governing Council on future monetary policy direction.
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OpinionMonetary policy
by Martin Pirkl

More emphasis on physical climate risks

BaFin is shifting emphasis more towards physical climate risk in its 2025 supervisory priorities. Natural disasters such as fires or floods are increasingly jeopardising banks and insurers.
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Risks in BaFin's Focus 2025
by Wolf Brandes

On track to launch a euro stablecoin by the summer

DWS, Flow Traders and Galaxy Digital joint venture AllUnity will soon begin operational activities. CTO and COO Peter Großkopf talks to Börsen-Zeitung about its plans for a euro stablecoin.
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A conversation withPeter Großkopf, CTO and COO at AllUnity
by Björn Godenrath

Not all restructurings are the same

Agricultural trading group Baywa's StaRUG restructuring process differs fundamentally from the high-profile cases of Leoni and Varta, as the free float shareholders remain on board.
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OpinionStaRUG
by Helmut Kipp

An advocate for fair globalisation

State Secretary of Finance, Savings Banks Association President, Head of the EBRD, Managing Director of the IMF, German President. Horst Köhler has passed away at the age of 81.
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Horst Köhler Obituary
by Detlef Fechtner

MTU as the antithesis of the decline of German industry

MTU Aero Engines is a prime example of Germany's continued strength in key technologies. This year the company will be celebrating 20 years on the stock market.
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EditorialMTU – Twenty years on the stock exchange
by Stefan Kroneck

On the path to parity

Currency market participants are betting on the dollar reaching parity with the euro. Potentially diverging interest rate outlooks are one factor in investors remaining bullish on the greenback.
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EditorialEuro-Dollar
by Kai Johannsen

Bureaucracy reduction as a point of contention

The upcoming EU Omnibus legislative package aims at simplifying requirements for sustainability reporting. As the first details emerge, a fierce dispute is already raging over what exactly should be included.
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AnalysisEU Competitiveness Compass
by Detlef Fechtner

A mixture of sunshine and clouds

The SAP business model is more weatherproof than many others, as it chases more revenue from the cloud. But the Dax index weighting cap remains a problem.
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OpinionSAP Outlook
by Heidi Rohde

EU crypto market takes step forward with MiCAR licences

Bitpanda and Deutsche Börse’s Crypto Finance subsidiary have both recently received their MiCAR licenses. The way is clear for strong growth in the EU crypto market.
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OpinionMarkets in Crypto Assets Regulation
by Björn Godenrath

Efficiency concepts for the energy transition

The various election campaign programmes contain many ideas on how the energy transition can be tackled more efficiently. Unfortunately, there is a scarcity of ideas on how to finance the much needed reforms.
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SeriesGermany heading to the polls
by Andreas Heitker

First bonds of the year successfully issued with large order books

The first 2025 bond offerings from the European Financial Stability Fund had very large order books. In an interview with Börsen-Zeitung, Kalin Anev Janse, CFO of ESM/EFSF, discusses the outlook for the bond markets.
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Interview withKalin Anev Janse, CFO ESM/EFSF
by Kai Johannsen

Banks are „very, very restrictive“ on lending

BNP Paribas Real Estate expects rental prices for top quality Frankfurt office space to rise in 2025. But new development projects remain constrained by restrictive bank lending.
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Frankfurt commercial property market
by Thomas List

CEO Hanebeck tries again

Infineon Technologies CEO Jochen Hanebeck currently has to contend with many shifting geopolitical and technological trends. Its 4 February earnings report will be closely watched on the markets.
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Infineon
by Stefan Kroneck

„As investors we have a strong affinity for the German-speaking region“

Since April 2024, Dominik de Daniel has been CEO of Kühne Holding, overseeing the 35 billion euros investment portfolio of Hamburg-based entrepreneur Klaus-Michael Kühne. The 49-year-old executive manages the extensive corporate interests from the Swiss village of Schindellegi.
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Interview withDominik de Daniel, Kühne Holding
by Christoph Ruhkamp
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