Insider trading has become a topic du jour among traders in financial markets. Recently the financial news has been filled with stories about alleged insider trading incidents involving trading in equity markets. Scarcely a week goes by without fresh criminal accusations by the Justice Department and/or civil charges by the SEC against equity traders who allegedly benefitted from illegally acquired so-called insider information. Indictments and, in a number of cases, convictions and jail terms for offenders have followed. The fact that employees of some prominent, well-known hedge funds have been involved undoubtedly has contributed to the publicity.Defining insider trading under federal laws and SEC regulations related to activities in e...