Informazioni privilegiate e funzionamento dei mercati finanziari

[Autom. eng. transl.] The duty of continuous information arises from a partially discussed theoretical premise and in an outdated historical context. The growing complexity of many financial instruments and the widespread use of new technologies and trading techniques (big data and high frequency trading), together with the frequent participation of retail investors in the market, seem in fact to undermine the stability of the classic model. In such a context, the risk is to favor the diffusion of irrational and emotional behaviours, destined irreparably to affect the correct formation of prices. Hence the need to rethink the traditional model, which - after all - seems less and less capable of pursuing the objectives for which it was conceived. In this sense, the requirements of "precision" and "relevance" required for the communication of privileged information (articles 7 and 17, paragraph 1, MAR) should be reconsidered in order to favor the dissemination of more accurate information, if necessary case even reducing the amount. Equally, the timeliness of the publication (art. 17, paragraph 1, MAR) should not be interpreted to the detriment of the completeness of the information and, for the same reasons, a more widespread application of the institution of delay should be found (art. 17, paragraphs 4 and 5, MAR).