Global financial regulation needs to be coordinated, Deutsche Bank CFO claims

21 May 2010

The introduction of new financial regulation needs to be coordinated across international markets, Deutsche Bank’s chief financial officer (CFO) has claimed.

Stefan Krause, CFO at the German institution, made the comments following the introduction of a ban on naked short-selling in the country.

Mr Krause, who was quoted by Bloomberg, said that a “level playing field” on issues of regulation needs to be introduced.

“It’s important that regulation is coordinated across the Atlantic,” he stated.

The banker added that key issues on which harmonization is needed include capital requirements.

BaFin, the German financial regulator, introduced the ban on naked short selling earlier in the week.

The ban, which is expected to apply until the end of March 2011, applies to government bonds, the stock of ten German financial firms and credit default swaps.

Meanwhile, the ban in Germany has been criticised by certain financial experts as it is the only state to implement the move so far.

Christopher Wasserman, president of the Swiss-based Zermatt Foundation, called for German policy makers “to operate under a more transparent and accountable ethical mandate [which] needs to be replicated [across the EU] for investor confidence to return to the eurozone”.

By Jim Ottewill

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