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I think this is true in the US: insider trading is roughly when you trade on non public information that comes from inside the company (counting cars in carparks on satellite photos is not insider trading as that information hasn’t come from inside the company, even though it is so hard to get as to feel nonpublic). I understand there are other illegal acts that correspond to trading on information which most people would consider ill-gotten.

In Europe, I think insider trading tends to be a more broad classification.



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