The Bank of England says it is investigating how hedge funds were able to payThe misused audio of briefings gave the traders a head start of a few seconds on market-moving information,The central bank discovered an audio feed handled by one of its third-party suppliers was "misused" and shared with a market news service, which sold access to traders for £2,500 to £5,000 per press conference on top of a subscription fee, the newspaper said.
The central bank discovered one of its third-party suppliers was misusing an audio feed of its press conferences and distributing it to high-speed traders,The feed gave the traders a head start of up to eight seconds on rivals watching the official broadcast, The Times reported. "We have recently identified that an audio feed of certain of the Bank press conferences — installed only to act as a back-up in case the video feed failed — has been misused by a third party supplier to the Bank since earlier this year to supply services to other external clients," the Bank of England saidThe unnamed supplier shared the feed with a market news service that sold access to traders for £2,500 to £5,000 per press conference on top of a subscription fee, The...
The third-party supplier "will no longer play any part in any of the Bank's future press conferences," the BOE said.
'And I lost. One dollar.'
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Source: Reuters - 🏆 2. / 97 Read more »