Forum Topic

For the few, not the many

"Hedge funds hacked into Bank of England briefingsTraders could have used information to gain an advantage over rivals"https://www.theguardian.com/business/2019/dec/19/hedge-funds-hacked-into-bank-of-england-briefings"John McDonnell, Labour’s shadow chancellor, described it as “yet another scam exposed at the heart of our financial system” and said it supported his call for an inquiry into financial-sector regulation.The breach is not the first time that early access to data has caused a scandal. In 2017 the UK’s Office for National Statistics stopped giving out figures early after research showed it was highly likely they were being leaked repeatedly."

David Ainsworth ● 2519d7 Comments

This doesn't look like a "hack" to me. It looks like the illegal sale of information in breach of the contract that the supplier had to process the data. The hedge funds seemed to have contracts to acquire this information from the company processing it for the BoE! One assumes the hedge funds paid good money for it because it helped them gain advantage in the markets they traded in? Let's sit back and wait for the prosecutions for insider trading ... (I hope that's not another "oink, flap" moment 😶 apologies in advance for using that phrase.)

Michael Ixer ● 2519d

"(I hope that's not another "oink, flap" moment ?? apologies in advance for using that phrase.)"Is there an emoji for this?

David Ainsworth ● 2519d

It was just a "Smilie" variant ...

Michael Ixer ● 2519d

There is no need to apologise for using “oink flap”.  Why I mentioned it on the other thread, is because when it was first used on this Forum, I had no idea what you were talking about and when I looked it up on Google, it was of course pigs might fly.  I just thought it wasn’t particularly funny, I never thought it was offensive.  Sorry!

Martine Guy ● 2519d

Thanks food explaining, Martine. I once baffled a Belgian colleague by muttering "oink, flap" in a meeting. However, once I'd explained the English saying about flying pigs he thought the analogy was quite appropriate and amusing in relation to what was said. Anyway, someone seems to be trying out a proof of concept:https://flic.kr/p/2i1UhH3(Bath, May 2008. I've not heard of any progress since then :-) )

Michael Ixer ● 2519d

"The TrebuchetThe trebuchet was the largest and most formidable of the siege machines and was, in essence, a huge catapult.The trebuchet was used to hurl huge projectiles to breach the castle walls. Large rocks and stones were the main ammunition but there is evidence of more unusual material. Manure and dead animals were also hurled by the machines into the besieged castle to spread disease!Pigs were often picked as the animal of choice as they were thought to be more aerodynamic! In this case, pigs most definitely could fly!"https://www.warwick-castle.com/explore/the-mighty-trebuchet.aspx

David Ainsworth ● 2519d

David, I was just about to say there is a trebuchet at Warwick Castle, when I saw the final line of your post.

Martine Guy ● 2519d