Hedge funds eavesdropping on Bank of England

Hedge funds have been eavesdropping on the Bank of England’s press conferences before they are officially broadcast after its internal systems were hijacked.

That’s according to the Times, which says that following its inquiries the Bank has discovered that one of its suppliers has been sending an audio feed of its press conferences to high-speed traders who hope to profit by acting on the governor’s comments before the rest of the world.

A Bank spokesman told the Times: “The Bank operates the highest standards of information security around the release of the market-sensitive decisions of its policy committees. The issue identified related only to the broadcast of press conferences that follow such statements.”