The convergence towards the new business model stimulates an increasing information asymmetry and uncertainty and thus affects the degree of market efficiency. Recent experience has shown the limits of this model and the opacity emerged from the use of highly complex instruments and derivatives. In this context, how strong is the risk of adverse selection underlying this model in particular in securitizations?
*  *  *  Honoured guests, Finalists of the schools competition, Teachers of finalists of the competition, Sponsors of the competition, and Ladies and gentlemen  Introduction It is with great pleasure that I present this address at your annual dinner.