Patti Domm quoted me last night in her Market Insider blog (see below).
Two favorable points to make about the market involve insider buying and a bumper crop of selling climaxes.
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According to Vickers Insider Report, near the market high in September insiders were selling heavily into the market strength, with the insider sell-to-buy ratio just about double its average sell ratio of the last ten years.
First, the Tory paper is vague about what will happen to the FSA's oversight of regulated markets and listed companies, and its powers to investigate market abuse and insider trading.
Last month, Singapore made it harder for foreigners to invest in its real estate market and one insider told me he thinks that law will cut real estate prices there 30%.
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Rosneft's share price jumped 8% after the announcement. (It also jumped 8% the previous day in the local market, suggesting insider dealing.) Exxon's shareholders were less giddy, perhaps reflecting on the pitfalls of doing business in Russia.
Japan has long been known as a market defined by an insider business culture with a low presence of independent directors and minimal accountability to shareholders.
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The case comes amid heightened scrutiny of hedge funds and other private investment pools for the rich, particularly given the booming deal market and accusations of insider trading.
Shadow Treasury chief secretary David Heathcoat-Amory said the amendment would give those accused of market abuse such as insider dealing a defence if they could show they complied with the City Code.
To satisfy the insider trading test, an investor must profit from market-moving information from a company insider.
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Other priorities of the Lamfalussy report are new directives on prospectuses accompanying the sale of new securities and on market abuses, such as insider trading.
The report describes "dysfunctional" enforcement, "complicated and entrenched governance problems", "clear instances of insider trading and market manipulation that resulted in no action", and "woefully inadequate" surveillance.
Mr Rajaratnam will appeal but if it stands, the conviction is a major victory for emboldened prosecutors, who are making insider trading and market abuse a priority.
Evans, by the way, also had a history of SEC violations including insider trading and market manipulation which ultimately ended in a permanent injunction barring him from the securities industry.
Interfere with the adjustment process by prosecuting people for insider trading and the market will take longer to adjust.
The rule changes come amid an explosion of trading in the options market--and allegations of insider trading using options in advance of major corporate announcements.
This argument has, however, failed to persuade most legislators or market practitioners, who object to insider trading on the ground that it might deter outside investors.
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Of course, to be completely fair, no champion of alternative funds, no matter how enthusiastic, would ever go so far as to support insider trading or illegal market abuse.
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During his time in Hong Kong, Mr. Wheatley, 52 years old, earned a reputation as a proactive enforcer, combating insider trading and other market misconduct, as well as boosting the commission's standing in Hong Kong and abroad.
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Records related to past inquiries into insider trading, fraud and market manipulation against companies like Goldman Sachs, Deutsche Bank and AIG have disappeared from history.
There has never been a conclusive study done that proves any direct correlation between the major market indices and the presence of either insider buying or insider selling in the aggregate.
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Mr. Seyhun found in his research that the correlation between insider sentiment and the stock market was markedly higher when he focused on other categories of insiders besides the largest shareholders.
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But is it not just as plausible that the trader, not knowing where the line is drawn separating illegal insider-trading from legal market analysis (a distinction that eludes even many legal experts), saw fit to minimize his exposure by destroying any possible evidence against him?
The company has had consistent insider buying of its shares including a sizable open market purchase by its chairman.
Based on the idea of perfect competition, where the market is omniscient, this code is as unenforceable as the insider trading rules.
Only in cases where managers were accused of illegal insider trading does the stock price show above-market returns in the post-disciplining phase.
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Hard to say if the stock is down on actual or imagined insider selling, but the fact is that the market is at risk of being flooded with Tesla shares.
That has to be encouraging news to stock market bulls, since Mr. Seyhun has found the market has tended to perform well when his adjusted ratio of insider sales to purchases is low.
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However, recently as the stock market has risen ever higher new stock buybacks are slowing dramatically and insider selling is spiking and insider buying is disappearing.
Controlling shareholders, often referred to as promoters, are allowed to sell themselves securities at a discount to the market price, which most investors would view as a form of insider trading.
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