Kerr looked (NAB trader) Kamay up on his LinkedIn account, and saw that he was friends with Hill, who worked at the ABS. There have long been suspicions in the market about data leakage ahead of important economic releases, because of rapid currency price action in the minutes before a data point is out.
“That was when it suddenly clicked that this guy was only trading ABS data and had a man on the inside,” Kerr told Fairfax Media on Sunday
From Business Insider this morning: How LinkedIn Helped Bust A Trader Allegedly Using Leaked ABS Data To Make Bets On The AUD
It’s a cracking read!
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We need a financial markets version of the Darwin Awards for the likes of these two.
