衍生产品合约可私下达成，其市场缺乏规范，且没有公开交易信息的中心场所。

Derivatives transactions are struck privately and the market is unregulated, with no central exchange where trades are disclosed.

youdao

The idea, from the beginning at the SEC, was that insiders should not be allowed to trade on information that is not properly disclosed to the public.

证交会从成立开始就规定,局内人不得利用未公开披露的信息,进行内幕交易

耶鲁公开课 - 金融市场课程节选