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Beware of Rigged Markets (Update)

23 Years ago | January 09, 2014 1/28/23, 12:00 AM

By John M. Bland

We complained a while ago that newa leaks on key data have gotten completely out of hand. It is patently obvious that some have regularly been getting key data well before the official release times, and have been trading on them. Early results from our 2014 Forex and Global Markets Survey indicate that the vast majority of the respondents feel the same as we do. There was a press report early in the new year indicating that the Labor Department is aware that it has a major problem based on a report by its Inspector General.

"A U.S. watchdog on Thursday recommended the government change how it issues market-sensitive data, specifically weekly jobless claims figures, in a move that could end the process of releasing certain economic snapshots through the media.

The recommendation was included in an audit released on Thursday by the Labor Department's Office of Inspector General. The panel was reviewing the process in an effort to prevent the possibility of traders or anyone working inside the so-called lockups from having an unfair competitive advantage..."

U.S. Labor Dept. Panel Suggests End to Media Lockups

Our concern is that the Labor Department may trot out the usual players to "remedy" the problem and not make the situation any better. By this we mean the exchange monopolies, the handful of major financial firms, the media monopolies, and the hedge funds, all of whom have a vested interest in the status quo.

One final point, data and news links are not limited to the U.S., major items leak in Asia and Europe as well, especially on the Continent. Its time for a global crackdown on data security.

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