Unpublished price-sensitive information
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Equity Derivatives Anatomy™
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Unpublished price-sensitive information, (“UPSI” or, jovially “oopsie”, also known by some as material non-public information with the less playful initialism MNPI) is what we used in the good old days to call inside information. The sort of thing that, if you trade on it, you might expect to do a stretch for insider trading (now known, less glamorously, as market abuse).
Not to be confused with confidential information which may. on occasion, happen to also be UPSI, but for the most part is not. It’s just just secret, proprietary, valuable or embarrassing, and often embarrassing only because you made such a fuss about it, and it's not really very secret, proprietary or valuable.