Already, the government has brought charges against Mathew Martoma, a former SAC employee, connected to the suspicious trades, which involved Mr. Cohen.
The government has already brought charges against a former SAC employee connected to those trades, which involved the fund's billionaire founder, Steven A. Cohen.
Bondholders will be offered a swap deal which involves them initially trading in their bonds, currently paying 11-12% interest, for government loans, paying about 7%, backed by guarantees.
For his part, Mr. Dowd focused on the legal definition of insider trading, which involves material non-public information.
It is distinguished from invisible trade, which involves the export and import of physically intangible items such as services.
High-frequency trading, which involves computers making split-second decisions based on mathematical models, has become increasingly widespread in financial markets.
Canary engaged in market timing as well as late trading, which involves buying or selling mutual fund shares after the close of the market but at earlier prices.
The first is the "carry trade", which involves investors borrowing a low-yielding asset (often the yen) and buying a higher-yielding one.
Another area where GSK could benefit is "parallel trade," which involves the shipment of drugs from low-cost countries such as Greece and Spain to countries such as Britain and Germany, where prices are higher.
Mr. Griffin is known for his talents in convertible arbitrage trading, which involves buying securities that convert into a company's common stock while shorting, or betting against, the shares of the same company.
