Identifying informed traders in futures markets

► We identify overnight and intraday informed futures traders using false discovery rate methods. ► These types support the view that both signals and information processing lead to informed trades. ► Informed are better characterized by whether they trade both sides rather than by business line. ► The informed traders identified are found to hold very profitable positions. ► We also find that the role of commercial hedgers has changed from demander to supplier of liquidity.