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In this paper we consider a class of generalized Kyle-Back strategic insidertrading models in which the insider is able to use the dynamic informationobtained by observing the instantaneous movement of an underlying asset that isallowed to be influenced by its market price. Since such a model will belargely outside the Gaussian paradigm, we shall try to Markovize it byintroducing an auxiliary diffusion process, in the spirit of the weighted totalorder process of, e.g., \cite{CCD11}, as a part of the "pricing rule". As themain technical tool in solving the Kyle-Back equilibrium, we study a class ofStochastic Two-Point Boundary Value Problem (STPBVP), which resembles thedynamic Markovian bridge in the literature, but without insisting on its localmartingale requirement. In the case when the solution of the STPBVP has anaffine structure, we show that the pricing rule functions, whence the Kyle-Backequilibrium, can be determined by the decoupling field of a forward-backwardSDE obtained via a non-linear filtering approach, along with a set ofcompatibility conditions.

A Generalized Kyle-Back Strategic Insider Trading Model with Dynamic Information