A INFLUÊNCIA DAS INSIDERS INFORMATIONS NO MERCADO DE OPÇÕES: UMA ANÁLISE DA DESVALORIZAÇÃO CAMBIAL NO BRASIL

Abstract

This paper analyzes the influence of insiders information, in financial agents expectations who work in future market. Check the investment models that attach the variable information in their analyzes, define efficient market like that where informations allow to break information symmetry allowing abnormal profits for who have this informations. A study about Real devaluation and amount of future dollar in BM&F was done .We detect that prior to the Real devaluation, a big quantity of trades in future market happened, making we think that the financial agents had insiders informations. We verify a strong relationship between private and public agents in Brazil, which turns the demarcation in your work activity difficult.