In securities markets, insider trading is a crime. In commodities, insider trading is almost completely legal. This divergent treatment has long been accepted as appropriate, given perceived differences between the markets. For example, it has been thought that futures traders are sophisticated...

For the last twenty years, the dominant narrative of the over-the-counter derivatives market has been one of absent regulation, deregulation, and regulatory conflict, predictably resulting in disaster. This Article challenges this narrative, arguing that the global derivatives market has been...

An extensive literature evaluates whether and how best to regulate “insider” trading. Far less attention has been given to what sorts of assets should be subject to insider trading regulation to begin with – just equity securities, all sorts of investments, or some point in between? This...