An informed broker's optimal policy is to conceal the drift until a deterministic critical time, then disclose it fully, with an explicit piecewise control that is C/sqrt(N) optimal for finite trader populations.
A mean-field game of market-making against strategic traders.SIAM Journal on Financial Mathematics, 14(4):1080–1112, 2023
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Optimal hedging of an informed broker facing many traders
An informed broker's optimal policy is to conceal the drift until a deterministic critical time, then disclose it fully, with an explicit piecewise control that is C/sqrt(N) optimal for finite trader populations.