An insider is someone who is privy to the secret information of a company and the secret information could be used to trade.

局内人掌握着公司内幕信息,这些内幕信息可以助你在交易中获利

耶鲁公开课 - 金融市场课程节选

Royal Shell used to have Dutch shares that traded in Holland and U.K. shares traded in London.

壳牌公司过去就曾经同时拥有在荷兰交易的荷兰股份,和在伦敦进行交易的英国股份。

耶鲁公开课 - 金融市场课程节选

So, he was going after himself, finding out all the companies that were backdating options, trying to beat the SEC and the regulatory authorities to the conclusion.

所以他自己一路研究下去,找出了所有用倒签期权欺诈的公司,然后试图用这个结论,与证券交易委员会和监管机构抗衡

耶鲁公开课 - 金融市场课程节选

For companies that we thought had backdated stock options, that we could buy their bonds at what they would trade for without this potential event of default.

对于那些我们认为已经追溯股票期权的公司，我们会在没有潜在违约风险下进行交易的价格,购买他们的债券。

耶鲁公开课 - 金融市场课程节选