Information symmetry also matters a lot for market structure. Take lending, for example. In traditional finance, borrowers have a more detailed idea of what they plan to do with the solicited funds, and this may be different than what they tell the lender, who compensates for this lack of transparency by requiring a ton of paperwork and/or applying math to credit profiles. Even when collateral is required, there is uncertainty: is that house, yacht or painting really worth its stated valuation? The compensation for this risk shows up in the interest rate to be applied.