It is my opinion that all markets need a basic systemic reform with respect to insider trading. This reform would be constituted by the requirement to provide twenty-four hour advance notice of insider trading activity. As opposed to the current two week delay in insider trading activity. At initial glance this may seem discriminatory. However, I would posit that exactly the opposite is in fact operative.

The present system of published insider activity provides, in that it is delayed, an undue advantage not warranted to insiders. This is compounded by the fact that most insider transactions involve transactions on shares acquired through options at significant discount to market prices. Through the delayed process of notification of insider activity therefore, the insider directly benefits from activity that they are significantly responsible for, on securities they have already acquired at significant discount.

If an insider is convinced that a Corporate action will be advatageous to the company on a long term basis, then their hidden from public view trading activity should not be permitted as it permits benefit of an undue nature which, by virtue of their priviliged knowledge, only they and advisors can be aware.

Through such a proivison, all investors would have the knowledge to formulate their own decisons on an equitable basis and no group of investors could benefit from priviliged knowledge.

Brian