Where will it end?
Audio feeds from Bank of England press conferences were hacked in order to receive information seconds quicker than the competition. In a world where information is power, fast traders have the possibility of making a fortune.
Press conferences are usually streamed on an official Bank of England video feed which is managed by Bloomberg. Several years ago, a back up individual audio feed was installed.
It had been recently discovered that one of its information suppliers streamed the audio feed and sold to clients for up to £5,000 each time for a significant advantage against the competition.
Many hedge funds operate a high frequency trading model where ultrafast computer systems trade by milliseconds in order to make a profit. Any knowledge discovered ahead of rivals can earn millions of pounds.
The UK’s financial watchdog has launched an investigation into the breach which can levy fines or criminal charges.
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