In the UK, insider trading as a crime is understood to be trading on non public information no matter who you are. IMO it’s a law which only penalizes UK domici

In the UK, insider trading as a crime is understood to be trading on non public information no matter who you are. IMO it’s a law which only penalizes UK domiciled investors. A foreign hedge fund can make an inside trade on the UK market, in the US say, by dealing off-exchange with a bank-counterparty in the UK and abroad. The bank-counterparty can just unload the other side of the trade with a UK client. The bank-counterparty, with no knowledge of the motivation of the trade, has done nothing wrong. The foreign hedge fund has done nothing wrong. The UK investor is the patsy, fooled into a sense of confidence by a law that can’t be enforced. But all this is moot for currencies because I think they are completely unregulated. FX is where the big sharks hunt.