Gernot Hinterleitner and Philipp Hornung connect two areas of financial market research through an economic experiment. First, the market quality of different trading forms is analyzed, and then insider trading within these market forms is examined. The authors demonstrate that an opening auction significantly increases the informational efficiency of the opening price compared to a purely continuous auction. A positive spillover effect also generates higher market quality. The behavior of capital market participants with insider information illustrates that insiders, even when competing with each other, aim to place their orders as discreetly as possible. Additionally, gender-specific differences become apparent when assessing the risk of detection.