Published on Gold Anti-Trust Action Committee (http://www.gata.org)

The Economist: Insider trading has been rife on Wall St., academics conclude

By cpowell
Created 2018-02-12 12:28

From The Economist, London
Saturday, February 10, 2018

Insider-trading prosecutions have netted plenty of small fry. But many grumble that the big fish swim off unharmed. That nagging fear has some new academic backing, from three studies. One argues that well-connected insiders profited even from the financial crisis. The others go further still, suggesting the entire share-trading system is rigged.

What is known about insider trading tends to come from prosecutions. But these require fortuitous tipoffs and extensive, expensive investigations, involving the examination of complex evidence from phone calls, e-mails, or informants wired with recorders. The resulting haze of numbers may befuddle a jury unless they are leavened with a few spicy details—exotic code words, say, or (even better) suitcases filled with cash.

The papers make imaginative use of pattern analysis from data to find that insider trading is probably pervasive. The approach reflects a new way of analysing conduct in the financial markets. It also raises questions about how to treat behaviour if it is systemic rather than limited to the occasional rogue trader. ...

... For the remainder of the report:

https://www.economist.com/news/finance-and-economics/21736561-one-study-... [1]


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