Material non-public information

Material non-public information is information a reasonable investor would consider important that has not been disclosed to the market. Possessing it is not unlawful; trading on it in breach of a duty is.

Also known as MNPI. instruments and markets · updated 2026-09-08

Where does material non-public information come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Insider trading — Insider trading is dealing in securities on material non-public information in breach of a duty of trust or confidence, which exploits a true signal others cannot see rather than injecting a false one into the price.

Enforcement actions involving these techniques

See also

• Insider trading — Insider trading is dealing on material non-public information in breach of a duty of trust or confidence. It is distinct from mani…
• Materiality — Information is material if a reasonable investor would consider it important in deciding whether to buy or sell. Materiality is an…

Terms that refer here

Insider trading · Misappropriation theory

Back to the full glossary — 261 defined terms.