Each time that a scandal erupts that someone has falsified information, the question of who is responsible comes up. For example, in the aftermath of the Gowex crisis, nobody is sure who approves multi-million euro deals on the MAB stock exchange.
Several entities could be culpable: the CNMV, the firm that valued Gowex stock, the placement bank. What's most surprising is that Bolsas y Mercados Españoles, which owns the MAB, is not on the list of possible suspects. After nearly two weeks since the crisis erupted, its president Antonio J. Zoido has not issued any statement to calm peoples' worries. It's also strange that the MAB denies anything is wrong. Moreover, it does not claim to verify or check what companies claim about themselves. So, what is the BME's role? A national judge, Santiago Pedraz, has asked the BME to submit all the information it has about Gowex's IPO and any documents that it received since then.
Judge Pedraz is smart to call out the BME. A crisis such as this, which is the second-biggest scandal on the stock market next to what happened with Pescanova, cannot go unpunished. What happened needs to be investigated fully, because the MAB's future is at stake. Small- and mid-size companies need this stock market in order to raise capital. At this point, both the MAB and the BME need to offer some explanations and ensure that something like this won't happen again. Looking the other way won't cut it.
