Ovakimyan E.K.Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russian Federation firstname.lastname@example.org ORCID id: not available
Subject. The article examines the laws regulating insider trading. Objectives. The study outlines recommendations for refining Law On Countering the Illegal Use of Insider Information and Market Manipulation and Amendments to Some Legislative Acts of the Russian Federation, № 224-ФЗ of July 27, 2010. Methods. The methodological framework includes a general dialectical method, analysis and synthesis, induction and deductions, and some specific methods, such as comparative and formal logic analysis to specify the definition of insider information, structural logic and functional analysis to improve the mechanism for countering insider trading and market manipulation. Results. We discovered key drawbacks to be addressed so as to improve the business environment in Russia. Although the Russia laws mainly mirror the U.S. laws, they present a more extended list of terms concerning the insider information. I believe the legislative perfection should be continued. Conclusions and Relevance. The study helps apply the findings to outline a new legislative regulation or amend the existing ones, add a new mention on the course of financial markets to students’ books, develop new methods for detecting and countering and improving the existing ones. If all parties to insider relationships use the findings, they will prevent insider trading crimes in financial markets and (or) reduce the negative impact of such crimes on the parties.
Bhattacharya U., Daouk H. The World Price of Insider Trading. The Journal of Finance, 2002, vol. 57, no. 1, pp. 75–108. URL: Link
Eckbo E.B., Smith D. The Conditional Performance of Insider Trades. The Journal of Finance, 1999, vol. 53, iss. 2, pp. 467–498. URL: Link
Lakonishok J., Lee I. Are Insider Trades Informative? The Review of Financial Studies, 2001, vol. 14, no. 1, pp. 79–111. URL: Link
Clements M., Singh H. An Analysis of Trading in Large Stocks Before Successful Takeover Announcements. Journal of Multinational Financial Management, 2011, vol. 21, no. 1, pp. 1–17. URL: Link
Degryse H., Jong F., Lefebvre J. An Empirical Analysis of Legal Insider Trading in The Netherlands. De Economist, 2014, vol. 162, no. 1, pp. 71–103. URL: Link
Jaffe J.F. The Effect of Regulation Changes on Insider Trading. The Bell Journal of Economics and Management Science, 1974, vol. 5, no. 1, pp. 93–121. URL: Link
Jarrell A.G., Poulsen A. Stock Trading Before the Announcement of Tender Offers: Insider Trading or Market Anticipation. Journal of Law, Economics, & Organization, 1989, vol. 5, no. 2, pp. 225–248. URL: Link
Karpoff J.M., Lee D. Insider Trading before New Issue Announcements. Financial Management, 1991, vol. 20, no. 1, pp. 18–26.
Bergmans V. Inside Information and Securities Trading: A Legal and Economic Analysis of the Foundations of Liability in the U.S.A. and the European Community. Springer, 1991, 256 p.
Manne H. G. Insider Trading: Hayek, Virtual Markets, and the Dog that Did Not Bark. Journal of Corporation Law, 2005, vol. 31, no. 1, pp. 167–185.
Williams W. Insider Trading and Asymmetric Information. Capitalism Magazine, 2003. URL: Link
Volodin S.N., Chernykh E.I. [Countering insider trade in the Russian market: Evidence from advanced and emerging economies]. Upravlencheskii uchet i finansy = Management Accounting and Finance, 2017, no. 1, pp. 2–12. (In Russ.)
Volodin S.N., Emel'kina A.I. [Manipulating prices for market assets: A comparison of the Russian and U.S. practices]. Valyutnoe regulirovanie. Valyutnyi kontrol' = Currency Regulation. Currency Control, 2016, no. 6, pp. 48–55. (In Russ.)
Mamochka E.A. [Insider information: Concept, signs, problems]. Territoriya novykh vozmozhnostei. Vestnik Vladivostokskogo gosudarstvennogo universiteta ekonomiki i servisa = Territory of New Opportunities. Bulletin of Vladivostok State University of Economics and Service, 2016, vol. 8, no. 2, pp. 90–99. URL: Link (In Russ.)
Petrov V.V. [Improving the level of economic security of the stock market using the improvement of legislation in the sphere of counteracting insider trading]. Regional'nye problemy preobrazovaniya ekonomiki = Regional Problems of Transforming the Economy, 2017, no. 9, pp. 82–96. URL: Link (In Russ.)
Petrov V.V. [Testing for the insider trading prior to the significant corporate events]. Korporativnye finansy, 2016, vol. 10, no. 4, pp. 46–74. (In Russ.) URL: Link
Kabanov A.S., Los' A.B. [Reasons, prevention and methods of counteraction of insider activity]. Bezopasnost' biznesa = Business Security, 2016, no. 3, pp. 28–31. (In Russ.)
Kondratov S.V. [The fight against insider transactions at the present stage of development of the financial market of Russia: problems and ways to overcome them]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2017, no. 6, pp. 761–766. (In Russ.)
Milova I.E., Mavrinskaya T.V. [Darknet as a way of misuse of insider information]. Innovatsionnoe razvitie = Innovative Development, 2018, no. 1, pp. 57–59. (In Russ.)
Chirkova E.V., Agamyan G.R. [Insider trading in the Russian stock market before the announcements of mergers and acquisition deals]. Ekonomicheskii zhurnal VShE = HSE Economic Journal, 2015, vol. 19, no. 3, pp. 395–422. URL: Link (In Russ.)
Buinevich M.V., Vlasov D.S. [Comparative review of methods of insiders detection in information systems]. Informatizatsiya i svyaz' = Informatization and Communication, 2019, no. 2, pp. 83–91. (In Russ.)
Koroleva E.V., Zharova O.Yu. [The use of face recognition technology to prevent insider attacks]. Nauka, Tekhnika i Obrazovanie, 2019, no. 4, pp. 58–63. (In Russ.)