Inside information
Precise undisclosed information whose publication is capable of materially affecting the price of a security.
How to read the number
It is defined by the properties of the information itself — precision, non-disclosure and price impact — rather than by who happens to know it.
When the metric lies
Rumours and guesses are not inside information, whereas a decision taken but not yet published is. By eye the two states are nearly indistinguishable.
Also known as: inside information