In the UK Ministers will be deprived of access to statistics prior to their release


Moscow. June 15. INTERFAX.RU – office for National statistics (ONS) in the UK from July 1 will no longer provide Ministers and civil servants access to important macroeconomic statistics prior to their release.

According to Financial Times, ONS concluded that the practice of providing early access has led to a loss of confidence in the process of publishing statistical data. Officially up to 118 people have access to confidential economic data within 24 hours before they are published, but experts believe that de facto such information may to see and a wider range of people.

In March, British MPs demanded an investigation, claiming that macroeconomic statistics are likely to fall into the hands of some traders and becomes the basis for operations on the market prior to official publication

Earlier, The Wall Street Journal analyzed the changes in the price of futures on government bonds the UK and came to the conclusion that the rise and fall of these prices suggests that some traders had access to the data prior to its publication.

Professor, West Virginia University Alexander Kurov found that in cases where the data on inflation, industrial production and other indicators were unexpectedly strong or weak, prices of long-term British government bonds were changed in advance to the appropriate data direction. Normally price fluctuations in within 24 hours before such publications were more significant than in an hour after them.

Some of the leaders of the British statistical offices have long expressed concerns that the practice of mass mailing of reports on the news is under embargo creates additional risks of leaks or insider trading.

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