Qu'est-ce que « Kyle model » ?

The Kyle model has one informed trader who knows the value $v\sim\mathcal N(p_0,\Sigma_0)$ and chooses a quantity $x$, noise traders who submit $u\sim\mathcal N(0,\sigma_u^2)$ independent of $v$, and competitive risk-neutral market makers who see only the total order flow $y=x+u$ and set the price $p=\E[v\mid y]$.