ABSTRACT
There are three scenarios which are thought to merit ‘special defences’ to the crime of insider dealing. Two of the defences are specific and concern the role of ‘market makers’68 and the question of ‘price stabilisation.’69 The third is more general and relates to the possession of a particular sort of information which is termed ‘market information’. These defences are set out in paras 1-5 of Schedule 1 to the Criminal Justice Act 1993 and apply to the ‘dealing’ and to the ‘encouraging’ forms of the offence.
