Form4insider filings, from the source

Company · CIK 0000936395 · SIC 3661 — Telephone & Telegraph Apparatus · NYSE

CIENA CORP · CIEN

Insider activity reported against this company. All insider holders · Files at: CYNI. On EDGAR ↗

1M3M6M1Y2YAll datashares as filed — not split-adjusted
Open-market activity at this companybuys $0 · 0sales $78.0M · 535net −$78.0M
$10k$10k$100k$100k$1M$1M$10M$10MbuyssalesDec 2014Dec 2016Nov 2018Nov 2020Oct 2022Oct 2024Sep 2026

Reported at this company — common stock

TradeReported (ET)InsiderSharesAvg priceTotalOwned afterΔ stakeFlags
Oct 17, 2018 SForm 4 →Oct 19, 8:25 am EDTJames E Moylan Jr.SVP Finance, CFO2,000$30.62$61,234356,725−0.56% plan?
Oct 15, 2018 SForm 4 →Oct 16, 4:19 pm EDTScott McFeelySVP, Networking Platforms1,000$29.03$29,03059,080−1.66% plan?
Oct 15, 2018 SForm 4 →Oct 16, 4:17 pm EDTStephen B AlexanderSVP, Chief Technology Officer2,500$29.16$72,902111,463−2.19% plan?
Oct 15, 2018 SForm 4 →Oct 16, 4:15 pm EDTJames FrodshamSR. VP, Chief Strategy Officer2,000$29.16$58,311153,396−1.29% plan?
Oct 15, 2018 SForm 4 →Oct 16, 4:13 pm EDTDavid M RothensteinSr. VP, General Counsel2,000$29.15$58,309268,862−0.74% plan?
Oct 3, 2018 SForm 4 →Oct 5, 6:09 pm EDTGary B SmithPRESIDENT, CEO, Director9,600$30.04$288,385544,758−1.73% plan?
Oct 3, 2018 SForm 4 →Oct 5, 10:19 am EDTJames E Moylan Jr.SVP Finance, CFO2,000$29.96$59,911358,725−0.55% plan?
Sep 24, 2018 SForm 4 →Sep 25, 12:15 pm EDTJason PhippsSVP Global Sales and Marketing1,581$30.98$48,97942,312−3.60% plan?
Sep 21, 2018 SForm 4 →Sep 24, 1:59 pm EDTRick HamiltonSVP, Software and Services2,931$31.27$91,65051,573−5.38% plan?
Sep 20, 2018 FForm 4 →Sep 24, 2:32 pm EDTAndrew C PetrikVP, CONTROLLER578$30.99$17,91251,643— plan?
Sep 20, 2018 FForm 4 →Sep 24, 1:54 pm EDTGary B SmithPRESIDENT, CEO, Director12,869$30.99$398,810554,358— plan?
Sep 20, 2018 FForm 4 →Sep 24, 1:50 pm EDTDavid M RothensteinSr. VP, General Counsel2,063$30.99$63,932270,862— plan?
Sep 20, 2018 FForm 4 →Sep 24, 1:47 pm EDTJason PhippsSVP Global Sales and Marketing1,318$30.99$40,84543,893— plan?
Sep 20, 2018 FForm 4 →Sep 24, 1:45 pm EDTJames E Moylan Jr.SVP Finance, CFO2,138$30.99$66,257360,725— plan?
Sep 20, 2018 FForm 4 →Sep 24, 1:42 pm EDTScott McFeelySVP, Networking Platforms1,154$30.99$35,76260,080— plan?
Sep 20, 2018 FForm 4 →Sep 24, 1:40 pm EDTRick HamiltonSVP, Software and Services1,177$30.99$36,47554,504— plan?
Sep 20, 2018 FForm 4 →Sep 24, 1:38 pm EDTJames FrodshamSR. VP, Chief Strategy Officer2,102$30.99$65,141155,396— plan?
Sep 20, 2018 FForm 4 →Sep 24, 1:35 pm EDTStephen B AlexanderSVP, Chief Technology Officer1,963$30.99$60,833113,963— plan?
Sep 19, 2018 SForm 4 →Sep 20, 4:49 pm EDTJames E Moylan Jr.SVP Finance, CFO2,000$30.75$61,502362,863−0.55% plan?
Sep 18, 2018 SForm 4 →Sep 20, 4:46 pm EDTGary B SmithPRESIDENT, CEO, Director9,600$30.57$293,456567,227−1.66% plan?
Sep 17, 2018 SForm 4 →Sep 19, 3:44 pm EDTStephen B AlexanderSVP, Chief Technology Officer2,500$30.94$77,354115,926−2.11% plan?
Sep 17, 2018 SForm 4 →Sep 19, 3:34 pm EDTJames FrodshamSR. VP, Chief Strategy Officer2,000$30.94$61,871157,498−1.25% plan?
Sep 14, 2018 SForm 4 →Sep 17, 4:02 pm EDTDavid M RothensteinSr. VP, General Counsel2,000$31.09$62,184272,925−0.73% plan?
Sep 6, 2018 SForm 4 →Sep 10, 2:10 pm EDTGary B SmithPRESIDENT, CEO, Director9,600$31.14$298,914576,827−1.64% plan?
Sep 5, 2018 SForm 4 →Sep 7, 10:16 am EDTJames E Moylan Jr.SVP Finance, CFO2,000$31.75$63,503364,863−0.55% plan?
Aug 22, 2018 SForm 4 →Aug 23, 5:05 pm EDTJames E Moylan Jr.SVP Finance, CFO2,000$27.14$54,282366,863−0.54% plan?
Aug 21, 2018 SForm 4 →Aug 23, 5:02 pm EDTGary B SmithPRESIDENT, CEO, Director9,600$27.17$260,801586,427−1.61% plan?
Aug 15, 2018 SForm 4 →Aug 16, 1:24 pm EDTJames FrodshamSR. VP, Chief Strategy Officer2,000$26.00$52,007159,498−1.24% plan?
Aug 15, 2018 SForm 4 →Aug 16, 1:14 pm EDTScott McFeelySVP, Networking Platforms1,000$26.01$26,00761,234−1.61% plan?
Aug 15, 2018 SForm 4 →Aug 16, 1:13 pm EDTStephen B AlexanderSVP, Chief Technology Officer2,500$26.00$65,007118,426−2.07% plan?
Aug 15, 2018 SForm 4 →Aug 16, 1:06 pm EDTDavid M RothensteinSr. VP, General Counsel2,000$26.00$52,009274,925−0.72% plan?
Aug 8, 2018 SForm 4 →Aug 9, 11:33 am EDTJames E Moylan Jr.SVP Finance, CFO2,000$25.79$51,587368,863−0.54% plan?
Jul 25, 2018 SForm 4 →Jul 27, 11:10 am EDTJames E Moylan Jr.SVP Finance, CFO2,000$25.81$51,613370,863−0.54% plan?
Jul 16, 2018 SForm 4 →Jul 17, 3:43 pm EDTStephen B AlexanderSVP, Chief Technology Officer2,500$26.99$67,482120,926−2.03% plan?
Jul 16, 2018 SForm 4 →Jul 17, 3:41 pm EDTDavid M RothensteinSr. VP, General Counsel2,000$26.99$53,973276,925−0.72% plan?
Jul 16, 2018 SForm 4 →Jul 17, 3:39 pm EDTJames FrodshamSR. VP, Chief Strategy Officer2,000$26.99$53,975161,498−1.22% plan?
Jul 16, 2018 SForm 4 →Jul 17, 3:32 pm EDTScott McFeelySVP, Networking Platforms1,000$26.98$26,98062,234−1.58% plan?
Jul 11, 2018 SForm 4 →Jul 13, 12:23 pm EDTGary B SmithPRESIDENT, CEO, Director8,000$27.30$218,377596,027−1.32% plan?
Jul 11, 2018 SForm 4 →Jul 13, 10:42 am EDTJames E Moylan Jr.SVP Finance, CFO2,000$27.23$54,459372,863−0.53% plan?
Jun 27, 2018 SForm 4 →Jun 29, 1:21 pm EDTGary B SmithPRESIDENT, CEO, Director8,000$25.84$206,705604,027−1.31% plan?
Jun 27, 2018 SForm 4 →Jun 29, 1:17 pm EDTJames E Moylan Jr.SVP Finance, CFO2,000$25.95$51,910374,863−0.53% plan?
Jun 22, 2018 SForm 4 →Jun 26, 3:43 pm EDTRick HamiltonSVP, Software and Services2,923$25.34$74,06955,681−4.99% plan?
Jun 22, 2018 SForm 4 →Jun 26, 3:31 pm EDTJason PhippsSVP Global Sales and Marketing1,575$25.34$39,91145,211−3.37% plan?
Jun 21, 2018 SForm 4 →Jun 22, 3:33 pm EDTAndrew C PetrikVP, CONTROLLER584$25.55$14,92152,221−1.11% plan?
Jun 21, 2018 SForm 4 →Jun 22, 2:52 pm EDTGary B SmithPRESIDENT, CEO, Director12,948$25.55$330,821612,027−2.07% plan?
Jun 21, 2018 SForm 4 →Jun 22, 2:50 pm EDTDavid M RothensteinSr. VP, General Counsel2,077$25.55$53,067278,925−0.74% plan?
Jun 21, 2018 SForm 4 →Jun 22, 2:47 pm EDTJason PhippsSVP Global Sales and Marketing1,329$25.55$33,95646,786−2.76% plan?
Jun 21, 2018 SForm 4 →Jun 22, 2:24 pm EDTJames E Moylan Jr.SVP Finance, CFO2,152$25.55$54,984376,863−0.57% plan?
Jun 21, 2018 SForm 4 →Jun 22, 2:22 pm EDTScott McFeelySVP, Networking Platforms1,164$25.55$29,74063,234−1.81% plan?
Jun 21, 2018 SForm 4 →Jun 22, 2:20 pm EDTRick HamiltonSVP, Software and Services1,185$25.55$30,27758,604−1.98% plan?
Jun 21, 2018 SForm 4 →Jun 22, 2:16 pm EDTJames FrodshamSR. VP, Chief Strategy Officer2,119$25.55$54,140163,498−1.28% plan?
Jun 21, 2018 SForm 4 →Jun 22, 2:14 pm EDTStephen B AlexanderSVP, Chief Technology Officer1,978$25.55$50,538123,426−1.58% plan?
Jun 15, 2018 SForm 4 →Jun 18, 4:37 pm EDTDavid M RothensteinSr. VP, General Counsel2,000$24.81$49,613281,002−0.71% plan?
Jun 15, 2018 SForm 4 →Jun 18, 4:31 pm EDTJames FrodshamSR. VP, Chief Strategy Officer2,000$24.81$49,617165,617−1.19% plan?
Jun 15, 2018 SForm 4 →Jun 18, 3:53 pm EDTScott McFeelySVP, Networking Platforms1,000$24.80$24,79664,398−1.53% plan?
Jun 15, 2018 SForm 4 →Jun 18, 3:20 pm EDTStephen B AlexanderSVP, Chief Technology Officer2,500$24.80$62,005125,404−1.95% plan?
Jun 13, 2018 SForm 4 →Jun 15, 8:35 am EDTJames E Moylan Jr.SVP Finance, CFO2,000$24.96$49,912379,015−0.52% plan?
Jun 11, 2018 SForm 4 →Jun 13, 3:43 pm EDTGary B SmithPRESIDENT, CEO, Director8,000$24.59$196,745624,975−1.26% plan?
Jun 1, 2018 SForm 4 →Jun 4, 4:48 pm EDTJames E Moylan Jr.SVP Finance, CFO2,000$23.36$46,715381,015−0.52% plan?
May 23, 2018 SForm 4 →May 25, 12:10 pm EDTGary B SmithPRESIDENT, CEO, Director8,000$24.61$196,916632,975−1.25% plan?
May 16, 2018 SForm 4 →May 17, 3:46 pm EDTJames E Moylan Jr.SVP Finance, CFO2,000$25.25$50,502383,015−0.52% plan?
May 15, 2018 SForm 4 →May 17, 1:36 pm EDTDavid M RothensteinSr. VP, General Counsel2,000$25.17$50,332283,002−0.70% plan?
May 15, 2018 SForm 4 →May 17, 1:35 pm EDTStephen B AlexanderSVP, Chief Technology Officer2,500$25.16$62,898127,904−1.92% plan?
May 15, 2018 SForm 4 →May 17, 1:34 pm EDTScott McFeelySVP, Networking Platforms1,000$25.15$25,15365,398−1.51% plan?
May 15, 2018 SForm 4 →May 17, 1:32 pm EDTJames FrodshamSR. VP, Chief Strategy Officer2,000$25.17$50,333167,617−1.18% plan?
May 8, 2018 SForm 4 →May 10, 8:26 pm EDTGary B SmithPRESIDENT, CEO, Director8,000$26.76$214,068640,975−1.23% plan?
May 2, 2018 SForm 4 →May 3, 1:46 pm EDTJames E Moylan Jr.SVP Finance, CFO2,000$26.05$52,110385,015−0.52% plan?
Apr 26, 2018 SForm 4 →Apr 30, 2:43 pm EDTGary B SmithPRESIDENT, CEO, Director8,000$25.82$206,591648,975−1.22% plan?
Apr 24, 2018 SForm 4 →Apr 25, 1:42 pm EDTPatrick GallagherDirector3,000$27.00$81,00053,805−5.28% plan?
Apr 18, 2018 SForm 4 →Apr 19, 3:28 pm EDTJames E Moylan Jr.SVP Finance, CFO2,000$26.33$52,666387,015−0.51% plan?
Apr 16, 2018 SForm 4 →Apr 18, 8:30 pm EDTScott McFeelySVP, Networking Platforms1,000$25.51$25,50966,398−1.48% plan?
Apr 16, 2018 SForm 4 →Apr 18, 8:28 pm EDTDavid M RothensteinSr. VP, General Counsel2,000$25.50$51,003285,002−0.70% plan?
Apr 16, 2018 SForm 4 →Apr 18, 8:26 pm EDTStephen B AlexanderSVP, Chief Technology Officer2,500$25.51$63,784130,404−1.88% plan?
Apr 16, 2018 SForm 4 →Apr 18, 8:24 pm EDTJames FrodshamSR. VP, Chief Strategy Officer2,000$25.50$51,003169,617−1.17% plan?
Apr 10, 2018 SForm 4 →Apr 12, 5:29 pm EDTGary B SmithPRESIDENT, CEO, Director8,000$25.73$205,822656,975−1.20% plan?
Apr 4, 2018 SForm 4 →Apr 5, 1:23 pm EDTJames E Moylan Jr.SVP Finance, CFO2,000$24.98$49,953389,015−0.51% plan?
Apr 3, 2018 AForm 4 →Apr 5, 1:57 pm EDTMichael J RownyDirector7,626——95,917— plan?
Apr 3, 2018 AForm 4 →Apr 5, 1:55 pm EDTJudith M ObrienDirector7,626——78,965— plan?
Apr 3, 2018 AForm 4 →Apr 5, 1:53 pm EDTThomas Michael NevensDirector7,626——42,391— plan?
Apr 3, 2018 AForm 4 →Apr 5, 1:47 pm EDTPatrick H NettlesDirector7,626——423,865— plan?
Apr 3, 2018 AForm 4 →Apr 5, 1:45 pm EDTPatrick GallagherDirector7,626——56,805— plan?
Apr 3, 2018 AForm 4 →Apr 5, 1:44 pm EDTLawton W FittDirector7,626——96,274— plan?
Apr 3, 2018 AForm 4 →Apr 5, 1:42 pm EDTWilliam D FathersDirector7,626——12,433— plan?
Apr 3, 2018 AForm 4 →Apr 5, 1:40 pm EDTBruce L. ClaflinDirector7,626——83,688— plan?
Apr 3, 2018 AForm 4 →Apr 5, 1:38 pm EDTHarvey B CashDirector7,626——113,459— plan?
Mar 27, 2018 SForm 4 →Mar 29, 3:31 pm EDTGary B SmithPRESIDENT, CEO, Director8,000$25.79$206,335664,975−1.19% plan?
Mar 26, 2018 SForm 4 →Mar 28, 10:59 am EDTPatrick H NettlesDirector1,972$25.83$50,937416,239−0.47% plan?
Mar 26, 2018 SForm 4 →Mar 28, 10:56 am EDTPatrick GallagherDirector811$25.83$20,94849,179−1.62% plan?
Mar 22, 2018 SForm 4 →Mar 23, 2:40 pm EDTRick HamiltonSVP, Software and Services2,923$26.25$76,74259,789−4.66% plan?
Mar 22, 2018 SForm 4 →Mar 23, 2:28 pm EDTJason PhippsSVP Global Sales and Marketing1,524$26.25$40,00948,115−3.07% plan?
Mar 21, 2018 SForm 4 →Mar 23, 2:26 pm EDTJames E Moylan Jr.SVP Finance, CFO2,000$26.59$53,184391,015−0.51% plan?
Mar 21, 2018 SForm 4 →Mar 23, 2:24 pm EDTJason PhippsSVP Global Sales and Marketing1,380$26.58$36,68049,639−2.70% plan?
Mar 21, 2018 SForm 4 →Mar 23, 2:11 pm EDTScott McFeelySVP, Networking Platforms1,163$26.58$30,91367,398−1.70% plan?
Mar 21, 2018 SForm 4 →Mar 23, 2:09 pm EDTJames FrodshamSR. VP, Chief Strategy Officer2,121$26.58$56,376171,617−1.22% plan?
Mar 21, 2018 SForm 4 →Mar 23, 2:03 pm EDTStephen B AlexanderSVP, Chief Technology Officer1,976$26.58$52,522132,904−1.47% plan?
Mar 21, 2018 SForm 4 →Mar 23, 2:01 pm EDTDavid M RothensteinSr. VP, General Counsel2,076$26.58$55,180287,002−0.72% plan?
Mar 21, 2018 SForm 4 →Mar 23, 1:59 pm EDTGary B SmithPRESIDENT, CEO, Director12,948$26.58$344,158672,975−1.89% plan?
Mar 21, 2018 SForm 4 →Mar 23, 1:58 pm EDTAndrew C PetrikVP, CONTROLLER583$26.58$15,49652,805−1.09% plan?
Mar 21, 2018 SForm 4 →Mar 23, 1:55 pm EDTJames E Moylan Jr.SVP Finance, CFO2,151$26.58$57,174393,015−0.54% plan?
Mar 21, 2018 SForm 4 →Mar 23, 1:53 pm EDTRick HamiltonSVP, Software and Services1,184$26.58$31,47162,712−1.85% plan?

Reported at this company — derivatives (options, RSUs, warrants)

TradeReported (ET)InsiderSharesAvg priceTotalOwned afterΔ stakeFlags
Dec 18, 2018 AForm 4 →Dec 20, 7:57 pm ESTGary B SmithPRESIDENT, CEO, Director52,158——52,158—
Dec 18, 2018 AForm 4 →Dec 20, 7:53 pm ESTDavid M RothensteinSr. VP, General Counsel8,693——8,693—
Dec 18, 2018 AForm 4 →Dec 20, 7:51 pm ESTJason PhippsSVP Global Sales and Marketing8,693——8,693—
Dec 18, 2018 AForm 4 →Dec 20, 7:49 pm ESTAndrew C PetrikVP, CONTROLLER1,863——1,863—
Dec 18, 2018 AForm 4 →Dec 20, 7:47 pm ESTJames E Moylan Jr.SVP Finance, CFO10,556——10,556—
Dec 18, 2018 AForm 4 →Dec 20, 7:45 pm ESTScott McFeelySVP, Networking Platforms8,693——8,693—
Dec 18, 2018 AForm 4 →Dec 20, 7:43 pm ESTRick HamiltonSVP, Software and Services8,693——8,693—
Dec 18, 2018 AForm 4 →Dec 20, 7:42 pm ESTRick HamiltonSVP, Software and Services8,693——8,693—
Dec 18, 2018 AForm 4 →Dec 20, 7:38 pm ESTJames FrodshamSR. VP, Chief Strategy Officer8,693——8,693—
Dec 18, 2018 AForm 4 →Dec 20, 7:28 pm ESTStephen B AlexanderSVP, Chief Technology Officer6,209——6,209—
Dec 12, 2017 AForm 4 →Dec 14, 3:06 pm ESTJames FrodshamSR. VP, Chief Strategy Officer11,478——11,478—
Dec 12, 2017 AForm 4 →Dec 14, 3:03 pm ESTStephen B AlexanderSr VP Chief Technology Officer9,565——9,565—
Dec 12, 2017 AForm 4 →Dec 14, 3:01 pm ESTRick HamiltonSVP, Software and Services11,478——11,478—
Dec 12, 2017 AForm 4 →Dec 14, 3:00 pm ESTJames E Moylan Jr.SVP Finance, CFO14,347——14,347—
Dec 12, 2017 AForm 4 →Dec 14, 2:58 pm ESTScott McFeelySVP, Networking Platforms11,478——11,478—
Dec 12, 2017 AForm 4 →Dec 14, 2:43 pm ESTGary B SmithPRESIDENT, CEO, Director74,605——74,605—
Dec 12, 2017 AForm 4 →Dec 14, 2:39 pm ESTAndrew C PetrikVP, CONTROLLER2,869——2,869—
Dec 12, 2017 AForm 4 →Dec 14, 2:37 pm ESTJason PhippsSVP Global Sales and Marketing9,565——9,565—
Dec 12, 2017 AForm 4 →Dec 14, 2:35 pm ESTDavid M RothensteinSr. VP, General Counsel11,478——11,478—
Nov 2, 2015 MForm 4 →Nov 4, 10:37 am ESTGary B SmithPRESIDENT, CEO, Director4,537——0—
Oct 22, 2015 MForm 4 →Oct 26, 7:16 pm EDTGary B SmithPRESIDENT, CEO, Director4,500——4,537—
Oct 5, 2015 MForm 4 →Oct 7, 1:13 pm EDTStephen B AlexanderSr VP Chief Technology Officer1,785——3,750—
Oct 1, 2015 MForm 4 →Oct 5, 12:20 pm EDTStephen B AlexanderSr VP Chief Technology Officer3,750——5,535—
Sep 28, 2015 MForm 4 →Sep 30, 2:25 pm EDTGary B SmithPRESIDENT, CEO, Director9,600——9,037—
Sep 1, 2015 MForm 4 →Sep 3, 8:47 am EDTStephen B AlexanderSr VP Chief Technology Officer3,750——9,285—
Aug 13, 2015 MForm 4 →Aug 17, 12:03 pm EDTGary B SmithPRESIDENT, CEO, Director9,600——18,637—
Aug 3, 2015 MForm 4 →Aug 4, 4:09 pm EDTStephen B AlexanderSr VP Chief Technology Officer3,750——13,035—
Jul 16, 2015 MForm 4 →Jul 20, 2:53 pm EDTGary B SmithPRESIDENT, CEO, Director9,600——28,237—
Jul 1, 2015 MForm 4 →Jul 2, 1:36 pm EDTStephen B AlexanderSr VP Chief Technology Officer3,750——16,785—
Jun 24, 2015 MForm 4 →Jun 26, 10:25 am EDTGary B SmithPRESIDENT, CEO, Director9,600——37,837—
Jun 1, 2015 MForm 4 →Jun 3, 12:07 pm EDTStephen B AlexanderSr VP Chief Technology Officer3,750——20,535—
May 21, 2015 MForm 4 →May 22, 3:22 pm EDTGary B SmithPRESIDENT, CEO, Director4,800——47,437—
May 20, 2015 MForm 4 →May 22, 1:55 pm EDTGary B SmithPRESIDENT, CEO, Director4,800——52,237—
May 1, 2015 MForm 4 →May 5, 12:45 pm EDTStephen B AlexanderSr VP Chief Technology Officer3,750——24,285—
Apr 22, 2015 MForm 4 →Apr 24, 10:20 am EDTDavid M RothensteinSr. VP, General Counsel7,142——0—
Mar 10, 2015 MForm 4 →Apr 6, 4:17 pm EDTLawton W FittDirector2,857——0— late
Mar 4, 2015 MForm 4 →Mar 6, 12:17 pm ESTHarvey B CashDirector2,857——0—
Mar 2, 2015 MForm 4 →Mar 3, 12:43 pm ESTStephen B AlexanderSr VP Chief Technology Officer3,750——28,035—
Feb 23, 2015 MForm 4 →Feb 24, 11:51 am ESTJudith M ObrienDirector2,857——0—
Feb 2, 2015 MForm 4/A →Feb 18, 12:23 pm ESTStephen B AlexanderSr VP Chief Technology Officer3,750——31,785—
Jan 2, 2015 MForm 4/A →Feb 18, 12:25 pm ESTStephen B AlexanderSr VP Chief Technology Officer3,750——35,535—

Filed by this entity as an insider elsewhere — common stock

No reported common-stock activity in this period.

Filed by this entity as an insider elsewhere — derivatives (options, RSUs, warrants)

No reported derivative activity in this period.