Insider trading is a familiar term to participants in the equities markets; however, this term now has application in the swaps, futures, and commodities markets regulated by the U.S. Commodity Futures Trading Commission. In a time of aggressive enforcement, financial market participants should be aware that insider trading is a high priority for the CFTC enforcement program. In this client alert, we provide a detailed review of the CFTC’s insider trading enforcement activity to date and current developments in securities case law on the topic, in order to provide insight into the application of insider trading in the derivatives markets and how clients can apply these developments to their businesses.