Private information in financial markets improves the informativeness of asset prices and guides resource allocation. However, informed trading generates rents at the expense of uninformed traders, creating a trade-off between price informativeness and liquidity. In addition, private incentives to acquire information need not align with the value of that information for agents who rely on prices to make decisions. We show that this trade-off can be eliminated by a market structure that separates information production from liquidity provision. In such a structure, prices remain informative while liquidity is preserved, and incentives to acquire information align with its value for decision-makers.