"As a society, we're better off knowing as soon as possible anything that is knowable."
"Insider information eventually always filters out through secretaries, lawyers, and their families, making enforcement very, very difficult and cumbersome."
"You could be a shark for a second or two, but that's it. Nowadays, sharks can be around for weeks and months."
"Faster information dissemination compresses the exploitation window. Slower, legally enforced secrecy actually creates more time for well-connected players to position themselves."
Thomas Peterffy advocates for the legalization of insider trading, arguing that it would benefit society by allowing quicker access to knowable information. He believes that insider information inevitably leaks, making enforcement difficult. Peterffy suggests that legalizing it would reduce the advantage of well-connected traders, as the window for exploitation would be shorter. He emphasizes that current laws extend the time for exploitation, allowing 'sharks' to operate for longer periods before the market adjusts.
Read at 24/7 Wall St.
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