New uses of financial data play a major role in the financial market, but the stakes are enormous. In an interview with the news site "Le Monde", the economist Angelo Riva announces some risks related to opacity. Being able to buy the shares of the same listed company simultaneously on at least a dozen trading platforms in Europe increases information asymmetries in favour of the most important financial operators. For economist Angelo Riva, all this can decrease market efficiency and increase systemic risk. " Today, stock exchanges are listed companies under pressure from shareholders. It is understandable that they are trying to increase and diversify their income in the area of financial data where they have certain skills. The big difference is that stock exchange data is now itself an object of commerce, it has passed from the status of public good to the status of private property, "he says.
According to him, the financial markets are moving towards more opacity, mainly due to the development of alternative trading platforms that offer lower levels of transparency than traditional stock exchanges, especially in Europe. For him, transparency and the public good nature of information have long been the basis for the political and democratic legitimization of financial markets. According to the specialist, being able to buy the shares of the same listed company simultaneously on at least a dozen trading platforms in Europe increases information asymmetries in favor of the most important financial operators. All of this can decrease market efficiency and increase systemic risk.