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SEC Rule 10b-5 »

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Fraud on the market »

Requires (1) public material misrepresentation by Δ, (2) efficient market, (3) trades during time of deception »

Efficiency »

Establishing efficiency »

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Avr. trading volume »

Daily 1%-2% suggests efficiency: An average daily trading...

602:false:false:false:false:false:false:false:false:false:!:false:-1:-1

Rule: a rule of law

An average daily trading volume in a security of one to two percent of the total outstanding is generally enough to support a presumption of efficiency.

Contributed in 2008 by David Gold

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