Trades that are the result of either a reallocation of wealth or an implementation of an investment strategy that acts only on existing information. That is, an investor might sell a large block of stock -- not because they have information that leads them to think the stock will fall in value -- but because they might need the cash for some other investment.
Trades made without regard to information available on the securities being traded. Informationless trades occur primarily when an investor wishes to change his/her investment goals or simply implement them differently. A common example of an informationless trade is the sale of a stock because the investor may wish to use the proceeds from the sale for other investments, rather than out of any concern about the stock itself.