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Frequently Asked Questions
Everything about insider transaction data
What is the Insider Transaction Terminal?
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European insider transaction data is notoriously fragmented — scattered across dozens of national regulators, each with their own formats, languages, and disclosure systems. Insider Transaction Terminal aims to solve this by being a single, comprehensive source for all European insider transactions. We aggregate and normalize data from every major European regulator into one clean, searchable interface. Our goal is to expand beyond Europe in the future, covering global insider activity in one place.
What are PDMR transactions?
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PDMR stands for Persons Discharging Managerial Responsibilities. Under the EU Market Abuse Regulation (MAR) Article 19, company insiders — including board members, executives, and their closely associated persons — must publicly disclose any transactions in their company's financial instruments above €20,000 per year.
Why do you only show market buys and sells?
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We deliberately filter out options exercises, stock awards, gifts, transfers, and other non-market transactions. When an insider spends their own money to buy shares on the open market, that's a genuine conviction signal — they're putting their own capital at risk. Options exercises and share awards, on the other hand, are typically part of pre-arranged compensation plans and tell you very little about an insider's view on the company's prospects. By focusing exclusively on market purchases and sales, we cut through the noise and give you the transactions that actually matter.
Which countries are covered?
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We currently track insider transactions from 13 European markets:
Germany (BaFin),
France (AMF),
Netherlands (AFM),
United Kingdom (FCA),
Switzerland (SER/SIX),
Spain (CNMV),
Italy (CONSOB),
Belgium (FSMA),
Sweden (FI),
Finland (FIN-FSA),
Denmark (DFSA),
Norway (Finanstilsynet), and
Poland (KNF). More European markets are being added.
How often is the data updated?
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Data is scraped from regulatory sources multiple times per day. Most transactions appear within 24–48 hours of the official notification, depending on the regulator.
Why do some transactions show 'Unknown' as the insider name?
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Some regulators (notably SER in Switzerland) do not disclose individual insider names in their public feeds. They only report the company, transaction type, and amount.
What is the difference between Buy and Sell signals?
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A Buy indicates an insider purchased shares with their own money — often interpreted as a bullish signal. A Sell indicates they disposed of shares. Note that sells can be driven by personal financial needs and don't always indicate negative sentiment.
What does 'Net Flow' mean in the company profile?
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Net Flow shows the difference between total insider buying and selling value for a company. A positive (green) net flow means insiders have been net buyers, while a negative (red) flow means net selling.
What is the legal basis for this data?
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In the EU, Article 19 of the Market Abuse Regulation (MAR, Regulation 596/2014) requires PDMRs to notify their national regulator of transactions. In the UK, similar rules apply under retained EU law. In Switzerland, SIX Exchange Regulation enforces disclosure under their Listing Rules (Art. 56 LR).
Can I use this data for investment decisions?
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This terminal provides factual transaction data published by regulators. It is not investment advice. Insider transactions are one of many signals — always do your own research and consider consulting a financial advisor before making investment decisions.