Last Wednesday, the Fed announced that it would not be tapering its bond buying program. This news was released at precisely 2 pm in Washington “as measured by the national atomic clock.” It takes 7 milliseconds for this information to get to Chicago. However, several huge orders that were based on the Fed’s decision were placed on Chicago exchanges 2-3 milliseconds after 2 pm. How did this happen?
CNBC has the story here, and the answer is: we don’t know. Reporters get the Fed release early, but they get it in a secure room and aren’t permitted to communicate with the outside world until precisely 2 pm. Still, maybe someone figured out a way to game the embargo. It would certainly be worth a ton of money.
MORE: http://www.blacklistednews.com/Somebody_Stole_7_Milliseconds_From_the_Federal_Reserve/29125/0/38/38/Y/M.html
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