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- 2013-9-27
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3#
发表于 2013-5-7 01:41
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I mean, your question is ambiguous. What exactly are you having trouble with?
The highlight of this section is to create a firewall within a firm to prevent proprietary trading while in possesion of material information.
From Schweser:
“Information is “material” if its disclosure would impact the price of a security or if
reasonable investors would want the information before making an investment decision.
Ambiguous information, as far as its likely effect on price, may not be considered
material. Information is “nonpublic” until it has been made available to the marketplace.
An analyst conference call is not public disclosure. Selectively disclosing information by
corporations creates the potential for insider-trading violations. The prohibition against
acting on material nonpublic information extends to mutual funds containing the
subject securities as well as related swaps and options contracts. “ |
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