Closed period
The stretch before results are published during which employees and connected persons may not deal in the issuer's securities.
How to read the number
An internal rule that settles arguable cases in advance: within that window a trade is impossible regardless of anyone's intent.
When the metric lies
Each issuer sets the boundaries itself and there is no common calendar, so a quiet spell in management's dealing says nothing about the state of the business.
Also known as: closed period