Interactive Brokers Group Inc. founder and chairman Thomas Peterffy called for the total abolition of insider trading regulations.
In an interview with Bloomberg, Peterffy argued that efforts to prevent insider trading are futile. He stated that legalizing the practice would enable assets to reach their accurate price more rapidly.
Peterffy expressed a preference for all information to be available to the market immediately upon its creation. While his comments arose during a discussion on prediction markets, he clarified that his stance applies to all financial markets.
The chairman's viewpoint represents a significant departure from established brokerage industry regulations and ethical standards. No specific market reaction followed the publication of his comments.