Detecting insider trading of financial instruments is described. In an embodiment news event data is received from a sentiment index where each news event has at least one associated rating of a relationship between the news event and the financial instrument. For example, a numerical rating of confidence that the news event will influence volatility of the financial instrument and a numerical rating of how related a news event is to a particular company. In examples the news events are filtered using the ratings and remaining news events are used to identify potential insider trading where a price of an order within a time period before the news event differs by more than a threshold amount from a characteristic of the market after the news event. Parameters such as the time period and the threshold may be automatically adjusted using feedback data or may be dynamically user adjusted.
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