You should look deep into the mouth of many a gift horse.

When someone promises to suddenly offer a service for free, something is often wrong.

But to immediately smell a Rosstücher in everyone also falls short of the mark.

Because maybe someone has earned a golden nose beforehand.

The optimism should be cautious

If it is not a simple horse, but something as complex as the processing of securities trading, the matter becomes extremely opaque.

It is difficult to see through who exactly benefits from whom, and it is different in Europe than in the USA or Great Britain.

The supervisory authorities are accordingly cautious when it comes to the question of whether the neobroker's business is positive or negative for investor protection.

The hint with the prohibition is sometimes only to be understood as a call to order - especially since the financial industry in this country and elsewhere around the globe has not exactly distinguished itself as the advocate of the common man.

Why, for example, tranches of a fund can sometimes be so much cheaper for institutional investors than for private investors is not always clear.

And suddenly the investor protection policy and its escalating disclosure obligations are also in the cost boat.

In this muddle of interests and benefices, we can only hope that in the end it is not the private investor who is the victim.

However, optimism should be cautious.