In the aftermath of the crisis, we are dealing with an issue of mismatched demand and supply in SMEs financing, that the traditional lending technologies and actors seem not able to overcome. In this essay, we have summarized the main actors, technologies and informational issues involved in the SMEs financing. On one side, there are the banks who are typically the originators of loans, and follow the traditional banking technology. On the other side, there is the entire investor community, that is made up of new lending entities, like shadow banks, in a broad sense, but also other private and public agents. A solution to the mismatched demand and supply in SMEs financing requires at the same time a diversification both of actors and of technologies used in the financial markets.
Carmine Di Noia
Member of Commissione Nazionale per le Società e la Borsa (CONSOB) since February, 2016.
Graduate degree in Economics at the University of Rome “La Sapienza”. Doctorate in Economic Theory and Institutions at the University of Rome “Tor Vergata”. Ph.D. in Economics at the University of Pennsylvania (Philadelphia, USA).
In 1995 he joined Consob as Economist, in the Research Department. In 1998 he moved to the Market Division where in 2000 he became Head of the Market Information Office.
In 2001 he joined Assonime (the Association of the Italian joint-stock companies). In 2003 he was appointed Head of the Capital Markets and Listed Companies Unit and Deputy Director General.
He was Board member of Borsa Italiana S.p.A., chairman of the technical secretariat of the Italian Corporate Governance Committee, member of stakeholder group at ESMA (European Securities and Markets Authority), and chairman of the Policy Committee at EuropeanIssuers.
He is Vice-Chairman of the Marco Fanno Association. He teaches Financial Market Law and Regulation at the University “Luiss-Guido Carli” in Rome, Italy.
He has published numerous articles in Italian and international journals and jointly authored several books.