The purchase or sale of shares by someone who possesses 'inside' information about the company; ie information on the company's performance and prospects which has not yet been made available to the market as a whole, and which, if available, might affect the share price.
Institutional investor
A bank, mutual fund, pension fund, or other corporate entity that trades securities in large volumes.
Interbank rates
The bid and offer rates at which international banks place deposits with each other.
Intercommodity spread
The purchase of a given delivery month on one futures market and the simultaneous sale of the same delivery month on a different futures market.
Interdealer broker
A specialist broker who acts as an intermediary between market-makers who wish to buy or sell securities to improve their book positions, without revealing their identities to other market-makers.
Interdelivery spread
The purchase of one delivery month of a given commodity futures contract and the simultaneous sale of another delivery month of the same commodity futures contract on the same exchange.
Interim dividend
A dividend declared part of the way through a company's financial year, authorised solely by the directors.
Intermarket spread
Intermarket Trading System (ITS)
A computer system that interconnects competing US exchange markets for the purpose of choosing the best market. ITS is operated by the Securities Industry Automation Corporation (SIAC).
Intermediary
An institution acting between 2 or more other entities by assuming certain rights and obligations.
