The financial markets appear "too expensive" and with too many rules. This is supported by Stefano Micossi, general manager of Assonime, who expressed himself in this way at the conference dedicated to the future of the European financial markets promoted at the Milan Stock Exchange by the Association of joint-stock companies. According to Micossi, in fact, at present "there is a flight of qualified investors partly due to the regulatory constraints that exist with regard to them".
The problem, according to the Assonime CEO, is that "most of the financial flows were not invested directly in listed companies, but rather in high-frequency trading and derivative financial products, which increase liquidity and risk coverage but they have little effect on listed companies and on the real economy, in particular as regards SMEs”.
Among the other negative effects mentioned by Micossi, there is also the difficulty for listed companies “to have a clear picture of their shareholding structure. In fact, liquidity has been directed towards new platforms, and after the concentration of trading activities on the exchanges, no system has emerged to guarantee information on pre- and post-trading activities". Assonime's recipe is to "create a regulatory environment where costs are proportionate to the volumes of access to benefits".
