Insider Confidence Index

Europe, latest reading

Equal-weighted across European markets, June 2026

10 markets in the aggregate

-3.6 pts vs previous month

50 = in line with history. Above 50, insiders lean toward buying; below 50, toward selling.

The score

Each component is converted to a z-score against the market's own published history, winsorized at ±2.5 standard deviations. The composite z is the weighted mean of available components, and the index is 50 + 20 × z, clamped to 0-100.

When a market enters

A month counts only if it carries at least 10 direction-classified trades. A market publishes only over runs of at least 12 consecutive qualifying months. Young feeds, gappy feeds and dead feeds simply produce missing months.

Data-quality holds

Real markets never see one side of the ledger vanish overnight. When a market's buy or sell count collapses to near zero against its own trailing median, that month is withheld and flagged as a data issue rather than published as a fake extreme. Held months are listed in the dataset.

The Europe aggregate

Europe is the equal-weighted mean of its member markets' scores that month, published only when at least 5 European markets qualify. Equal weighting is deliberate: a volume-weighted version would be a UK-and-France index in disguise, and a raw-sum version would drift upward every time coverage improves.

What counts as a buy

Only explicit open-market purchase and sale labels, in each regulator's own vocabulary, classify a filing. Grants, option exercises, tax withholdings, subscriptions and holdings updates are excluded: they are compensation mechanics, not conviction. Markets whose filings carry no clean direction, such as Japan's holdings-based reports, stay out entirely.

Normalization and revisions

Scores are normalized against the market's full published history and recomputed monthly. Past values can move as history grows, filings are corrected, feeds are backfilled or quality quarantines change. Every download carries its generation date.