Insider trading

Insider trading involves using non-public, price-sensitive information to trade financial instruments or to recommend or pass information to others for trading. Swiss law treats market abuse seriously, particularly for securities admitted to trading on Swiss venues, and may involve supervisory, administrative and criminal consequences. Typical information concerns results, mergers, restructurings, major contracts or regulatory decisions. Compliance systems use insider lists, trading windows, ad hoc disclosure controls and employee training. The analysis turns on confidentiality, price relevance, the person’s role and the trading conduct.