A head start of a few seconds allows hedge funds to make millions, as The Times discovered that one of the Bank of England's suppliers has been sending audio to clients before the rest of the world.
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Hedge funds eavesdrop on vital Bank of England briefings
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Hearing what Mark Carney, the governor, and other senior Bank officials say mere seconds before others can be highly lucrative for speed traders, who make fortunes from early access to information. Mr Carney’s comments at Bank press conferences frequently move the value of the pound and gilt markets.
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