GUIDE
Closed periods: when insiders may not trade
Company managers may not trade in their company's shares for a period before it publishes results, so insider purchases tend to bunch after results.
The rules
- EU, Norway and the UK: no trading in the 30 calendar days before a year-end or interim report, unless the company grants a permitted exception.
- Switzerland: SIX's disclosure rules set no closed period; companies set their own in their insider trading policies.
- United States: the law sets no common closed period; each company sets its own, usually from around the quarter end until a day or two after results.
What the filings show
Measured on this site (October 2026): about 18% of insider purchases at ranked US companies fell in the first 5 trading days after results, where an even spread would give about 8%. Those purchases did not do measurably better afterwards than purchases at other times.