L’information boursière comme bien public. Enjeux et perspectives de la révision de la directive européenne « Marchés d’instruments financiers »

The organization of securities markets has not benefited from the feigned attempts of reform presented by authorities since the outbreak of the current crisis. However, speculative opportunities like the risks incurred also depend on the markets on which one operates. The Markets in Financial Instruments Directive of the European Union, effective since 2007, reflects an excessive faith in the self-organizing virtues of the market. It has unleashed a noxious competition on the market for financial markets that led to liquidity fragmentation and the privatization of market information. Drawing from financial history, we argue that regulated markets should be entrusted, at the European level, with a general interest mission, similar to the one they have long observed on a national level with no harm on economic development: they should centralize, consolidate and publicize post- as well as pre-trade information that are public goods.