Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-53

Close but no. It occurs when you have inside information and use that information to profit or avoid loss by trading of stock. That might be actual buying or selling, but it might be pulling orders from a queue as well as that is trading. It's generally thought to be actual shares trading hands because that's easier to prove. Think about it, if you have orders to buy stock in the queue at 3c, and you got wind that Optus was dead and you pulled that order before it was announced, and upon announcement the share price dropped to 2c are you saying that's not insider trading? Holla specifically talked about the buy side thinning because of this inside information. Saying something that dumb is one thing, but then rushing to defend it is a whole extra level.