The Australian Bureau Of Statistics Is Reviewing Access To Data After The FX Scandal

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The AFR this morning reports that the ABS has called for an external review to the security breach which led to the alleged $7 million insider trading scandal on Friday.

In question is how a junior officer within its ranks was able to access sensitive market moving data and then get it out of the ABS to a trader then accused of profiting from having access to it earlier than the market.

The ABS told the AFR that “this incident is a serious breach of trust and does not reflect the professionalism or values of ABS staff”. They added that “the public could participate ‘with confidence’ in often-sensitive surveys and that any information collected and stored was secure and strictly confidential.”

This is the first time in our history of more than 100 years that a staff member has been arrested for leaking statistics.

The ABS and market players will be hoping that the external audit of its internal process bears this statement out.

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