Posted by & filed under Failing Managed Funds, Hedge Funds, Banks.

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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