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


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.

You can read more here

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.