Bank of England briefings hacked by hedge funds

Misuse of audio feed

The Bank of England’s internal systems have been hacked, with hedge funds accessing press conferences before they were broadcast.

One of the Bank's suppliers has been sending an audio feed of its press conferences to high-speed traders who hope to profit by placing trades based on the Governor's comments moments before they are announced, the Bank has discovered following an inquiry by The Times. Hedge funds are often high-frequency traders and Governor Mark Carney's comments are known to move the value of the pound and gilt markets. The BoE admitted it had discovered that a back-up "audio feed of certain press conferences has been misused by a third-party supplier since earlier this year to supply services to othe...