⚠️ Pre-Blackout Period Insider Buying
MAR Article 19 bars insiders from trading during a 30-calendar-day closed period before a company publishes interim or annual results. Pre-blackout buying flags purchases made in the final 7 days before that window opens — the last opportunity to act before losing the ability to trade for a month.
Live insider transactions with this signal active across 16 markets.
Why timing right before a blackout matters
An insider who buys just before losing the ability to trade for roughly a month is making a deliberate, time-pressured decision. They could have waited, or bought earlier — instead they chose to commit capital in the narrow final window while they still could. That urgency is itself informative, independent of the purchase size.
Detection methodology
InsidersAlpha estimates each company's quarterly closed-period start using the standard MAR pattern (closed periods before Q1, Q2, Q3, and annual results announcements) and flags purchases falling in the 7 calendar days immediately before that estimated start. Because exact reporting calendars vary by company, this is a well-informed estimate rather than a guarantee of the literal closed-period boundary.
Recent pre-blackout buys
| Date | Company | Insider | Value |
|---|---|---|---|
| 15 Jun 2026 | 🇵🇱 Wikana SA | Piotr Kwaśniewski (CEO) | PLN 87.0K |
| 15 Jun 2026 | 🇵🇱 Altus SA | Piotr Osiecki (Director) | PLN 1.09M |
| 15 Jun 2026 | 🇸🇪 Intrum AB | Indre Bartulyte-Uzupe (Director) | SEK 276.9K |
| 15 Jun 2026 | 🇫🇷 TIKEHAU CAPITAL | Antoine FLAMARION (Chairman) | €43.6K |
| 15 Jun 2026 | 🇸🇪 LightAir AB (publ) | Lars Andersson (Chairman) | SEK 12.6K |
| 15 Jun 2026 | 🇸🇪 Freja eID Group AB | Pär-Ola Gustavsson (Chairman) | SEK 97.6K |
| 15 Jun 2026 | 🇸🇪 C-RAD AB | Eeva-Liisa Karjalainen (Director) | SEK 181.5K |
| 15 Jun 2026 | 🇪🇸 REPSOL, S.A. | SUSANA MESEGUER CALAS (Director) | €996 |
Most recent qualifying transactions · View all live in app →
Frequently asked questions
What is a MAR closed period?
A 30-calendar-day window before a company announces interim or annual financial results, during which PDMRs are generally barred from trading in the company's shares under MAR Article 19.
Why track buying right before a blackout instead of during it?
Trading during the closed period itself is generally prohibited, so there is little to track. The signal is about the days just before it starts — insiders choosing to act while they still can, rather than waiting.
Is this the same as the old "pre-earnings buying" signal?
This replaces it. The earlier version estimated buying ahead of earnings announcements specifically; the current signal is calculated directly from MAR's actual closed-period mechanic, which is a more precise and better-grounded basis for the same idea.
Other insider signals
InsidersAlpha tracks several distinct insider trading signals. They can fire independently or in combination — co-occurrence of multiple signals on the same transaction is associated with higher conviction.
See our methodology page for a full explanation of how all signals are calculated.