Aimlessly browsing today, I came across this article on the Guardian website. It's long - 4k words - but the gist of it is an insider's expose of the corrupt world of insider trading in the City.

Ok, maybe that's old news, but it's something I wasn't cognizant of.

Here's a sample:

"Calls that came through to the dealing room were taped, but mobile phone calls were not; nor were text messages monitored. Chats in local bars and pubs provided equally secure ways to circumvent compliance procedures. These were people who wouldn't steal from the supermarket but thought nothing of the way they robbed the rich to make themselves even richer. Every illegally gotten piece of information was depriving outsiders of the chance to trade the markets on a level playing field. For every penny made illicitly, by definition someone had to lose in return. Spoofing the public into buying shares via newspapers or by spreading rumours was highly questionable, but in a world in which morals are defined by the standards of those around you, who would point the finger?"

I'm not a trader myself, so I've no way of critically evaluating this but it seems plausible and it was published in a credible newspaper. It troubled me because I was half thinking of going into the finance world after I finish my mechanical engineering degree next year. Perhaps I was naive, but I haven't really delved too deeply into the trading world, I've just always been intrigued by it from reading the economist.

The real purpose of this thread then is to hear some of you actual traders' views on this. Not specifically on whether it's true in the UK, but is this also the modus operandi of Wall Street? Or are there tougher regulations over there?

Another point is that if some of you guys are trading just on your own, for yourselves, do you feel that this insider trading means you aren't on a level playing field, that the deck is stacked, and other such clichés?