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OM wrote:
>Answer: No, there's no violation. Why? Because you did not neglect any
>fiduciary duty.
There's that and there's the "misappropriation" theory. If not for the
latter, anyone who trades =securities= on material, nonpublic
information but does not have a fiduciary duty to shareholders could
not be held accountable.
>P.S. - Derivatives and stocks abide by totally different sets of rules
>anyway...
Now that "P.S." should be a header. Rule 10b-5 was adopted by the SEC
to implement Section 10(b) of the =Securities and Exchange Act=. The
SEC has no jurisdiction over stock index futures as a result of the
Shad-Johnson Accord (which also bans single-stock futures).
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