Insider trader raided good jobs data

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From the SMH:

One of two men charged with insider trading on the basis of advance knowledge of sensitive government statistics had a field day on March 13, police say.

That was the day Lukas James Kamay allegedly made more than $2.5 million after the release of surprisingly positive jobs data.

To generate a profit of that magnitude on currency and derivatives markets indicates a bet may have been taken with an implied value of about $500 million, traders say, based on information about currency movements that day.

Nice work if you can get it.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.