Throughout US President Donald Trump’s second term in office, traders have been betting millions of dollars just before he makes major announcements.
The BBC has examined trade volume data on several financial markets and matched them to some of the president’s most significant market-moving statements.
It found a consistent pattern of spikes just hours, or sometimes minutes, before a social media post or media interview was made public.
Some analysts say it bears the hallmarks of illegal insider trading, whereby bets are made by people based on information that is not available to the general public.
Others say the picture is more complicated and that some traders have become more adept at anticipating the president’s interventions.
Here are five of the most significant examples.
