- Making a quick buck Archived Message
Posted by Mary
on December 19, 2019, 8:19 am
|
The difference between the few seconds timing of the back up audio feed and the actual words spoken by Carney at the Bank of England's press conferences have proved very lucrative to some City crooks. Bank of England admits press feed was hijacked An audio feed of the Bank of England's press conferences was leaked to hedge funds before they were broadcast, the Bank has admitted. The Bank said one of its suppliers had "misused" the feed, which is there as a fall-back in case the video broadcast fails. As a result traders had access to the words of Mark Carney and his officials between five and eight seconds early. The Bank of England said it had disabled the supplier's access. The hijacking of the audio feed, first reported in the Times gave an advantage to high-speed traders who can make millions of pounds on tiny market moves. Comments from Bank officials about market sensitive matters such as interest rate decisions can affect the value of sterling and other market assets within seconds.' https://www.bbc.co.uk/news/business-50849479 How long has this racket been going on and how many millions? 7:55 today It's hilarious. 'FCA: 'We are looking at the issue' The Financial Conduct Authority has this to say about the Bank of England situation, after the Times reported that hedge funds have had access to audio feed of the central bank's press conferences a few seconds before it is broadcast. "We are looking at the issue," an FCA spokesman said.'' https://www.bbc.co.uk/news/live/business-50756709 |
| Message Thread:
|