内幕交易在证券市场发展的初期就有,但当时法律并没有明文禁止内幕交易。随着证券市场的发展,到19世纪20年代,人们才反思到,不对证券市场的内幕交易等问题进行有效的防范和监管,不仅会损害投资者的利益,挫伤他们的投资积极性,还会破坏证券市场的秩序,难以发挥资源的优化配置作 Insider trading started early in the securities market, but the law did not explicitly prohibit insider trading. With the development of the securities market, it was only by the 1820s that people did not think that effectively preventing and regulating the insider trading in the securities market would not only damage the interests of investors, dampen the enthusiasm of their investment, but also destroy Securities market order, it is difficult to play the optimal allocation of resources for