The Bank of England says a rogue supplier let some traders listen in on an audio feed that let them hear Mark Carney's comments before anyone else, potentially giving them a lucrative head start on market-moving comments
LONDON - A rogue supplier has been misusing audio feeds from Bank of England news conferences this year, the central bank said, giving traders access to potentially market-moving information seconds before rivals.
“We have recently identified that an audio feed of certain of the Bank press conferences ... has been misused by a third-party supplier to the Bank since earlier this year to supply services to other external clients,” the BoE said. Funds now scour the market for sets of “alternative data” that can give them an edge, which in turn has spawned an industry of data suppliers and service providers who charge thousands of pounds for their products and subscriptions.
The ECB had become concerned that unaffiliated vendors were selling an unauthorised audio feed of its news conferences to market participants, though it was not clear how the suppliers gained access to the sound. The Bank of England’s audio feed was intended as a fallback option if its official video feed of its news conferences failed, according to The Times.
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