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FCA investigates ‘eavesdropping’ at Bank of England by hedge funds

Market speculation turns to rates-traders as among those who might be interested in early access to the governor’s remarks

The Bank of England on Threadneedle Street
The Bank of England on Threadneedle Street Photo: Getty Images

The UK markets watchdog the Financial Conduct Authority is investigating a potential rules breach at the Bank of England, after it was discovered that traders have been paying to hear audio feeds of the central bank’s press conferences ahead of the official broadcast.

The revelation raises questions for the BoE. An article in The Times originally alleged that one of the central bank’s suppliers had been selling early access to the audio feed to traders hoping to profit from advance notice of the sometimes market-moving remarks made by governor Mark Carney during press conferences.

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