The Role of Information and Its Asymmetry in Conditions of Uncertainty in Financial Instrument Markets

Abstract

This article addresses the topical issue of researching the role of information and its asymmetry in conditions of increasing uncertainty in modern financial instrument markets. Emphasis is placed on the fact that uncertainty is a fundamental characteristic of the economic space of the 21st century, largely due to the uneven distribution of information among market participants. Two key types of information asymmetry are considered – objective (inequality in access to factual information) and subjective (difference in the ability to interpret information) – and their sources. The article identifies seven key research tasks aimed at theoretical substantiation, differentiation of asymmetry types, analysis of their impact on pricing, participant behavior, liquidity and volatility, research on the role of regulation, and the development of practical recommendations. The theoretical and methodological foundations of the research are outlined, based on the integration of concepts from finance, information economics, and behavioral economics. The essence and types of uncertainty in financial markets are considered, the fundamental importance of information for their effective functioning is emphasized, and definitions of information asymmetry and its main types are provided. The impact of information asymmetry under conditions of uncertainty on the level of liquidity (decrease due to adverse selection and increased transaction costs) and volatility (increase due to information shocks and speculative sentiment) in various market segments is analyzed. Practical recommendations are proposed for investors (in-depth analysis, diversification, increasing financial literacy), financial institutions (increasing transparency, managing conflicts of interest), and regulators (strengthening disclosure requirements, preventing insider trading) regarding risk management and improving market efficiency. Finally, the prospects for further research in this area are outlined, including an in-depth study of subjective asymmetry, the impact of new technologies, the interaction of different types of uncertainty, the analysis of new markets, the development of new metrics, and the evaluation of the effectiveness of regulatory measures. The importance of interdisciplinary research for a comprehensive understanding of the problem under study is emphasized.