Wednesday March 4, 2015 - 13:32:07 GMT
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I Have Had it With Data Leaks!
One of the goals of the Global Traders Association is to fight for a level playing field for all global traders. One of these areas is the fair and timely access to public information and news events. This is any area of great concern as evidence continues to suggest we are not on a level playing field. The latest comes from Australia as price action ahead of RBA monetary policy announcements has the conspiracy theorists up in arms (see below).
I, for one, am ticked off at the unfair edge those with connections appear to get in markets where a matter of seconds can make a big difference. I lodged a complaint with Eurostat last year over what I suspected was a leak of economic data. I pressed the point but it appeared to fall on deaf ears. I heard chatter of corporate buying of CHF just before the SNB pulled the plug on the EURCHF 1.20 floor. Now we have two months in a row of suspicious price action just prior to the RBA interest rate announcement.
The Latest a Suspicious Price Action
The Australian Securities and Investments Commission is investigating suspicious trading in foreign exchange markets after the Australian dollar spiked sharply in the seconds before the Reserve Bank of Australia announced its surprise decision to hold interest rates in March.
It is the second month in a row that irregular trading has occurred in the moments before the release of the RBA's monetary policy statement.
Reserve Bank reveals probe into dollar spike ahead of rate announcement
The advocate in me applauds ASIC for investigating the pre-RBA price action but the skeptic in me says it will not find a smoking gun. The conspiracy theorist in me has reached the point where I assume all key news events and data are leaked beforehand and that I am the last to know.
However, this will not stop us from fighting for a level playing field so if you see any suspicious price action around key events, send me an email and we will press for an investigation.
Jay Meisler, founder
Global Traders Association
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