Information that, due to its nature, may affect the price of one or several securities, or the market as a whole, and that has not yet been publicized or disseminated. Taking advantage of this information for their own benefit, by people who due to their work or position have access to it (insiders), constitutes an illegal practice prosecuted by the supervisory authorities of the securities markets. One way to obtain such a benefit, for example, is to buy or sell shares of a company involved in a merger, before the rest of the market participants know the information and act accordingly.
Origin: CNMV