The U.S. appeals court's stunning, unanimous decision to overturn the December 2012 convictions of two hedge fund traders has blown the doors off the legal definition of insider trading.
According to the ruling, insider trading may be legal in certain circumstances, even if it gives an investor an unfair advantage.
This decision will likely reinforce the lack of trust in financial services professionals and the belief that the markets are rigged for a select few.
It was yet another reputation-damaging year in the financial services industry: the collapse of Espirito Santo bank, corruption scandals in Brazil's state oil company Petrobras and investigations of insider-trading at France's BNP Paribas.
Read more: Closer to home, the SEC is investigating fees charged by private equity advisers
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