In this project, we consider a class of generalized Kyle-Back strategic insider trading models

in which the insider is able to use the dynamic information obtained by observing the instan-

taneous movement of an underlying asset that is allowed to be inuenced by its market price.

Since such a model will be largely outside the Gaussian paradigm, we shall try to Markovize it

by introducing an auxiliary (factor) di usion process, in the spirit of the weighted total order

process, as a part of the \pricing rule". As the main technical tool in solving the Kyle-Back

equilibrium in such a setting, we study a class of Stochastic Two-Point Boundary Value Prob-

lem (STPBVP), which resembles the dynamic Markov bridge in the literature, but without

insisting on its local martingale requirement. In the case when the solution of the STPBVP

has an a ne structure, we show that the pricing rule functions, whence the Kyle-Back equi-

librium, can be determined by the decoupling  eld of a forward-backward SDE obtained via a

non-linear  ltering approach, along with a set of compatibility conditions. This is a joint work

with Jin Ma.