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The Ontario Government has legislated that all non-essential businesses MUST BE closed BY 12:01 am on March 25. The health and safety of our employees, clients and our community is our top priority. To do our part in slowing the spread of COVID-19, our staff are working remotely until further notice.

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Poloz Mum About Whether BoC Allowing Insiders to Front Run Markets - Peter Diekmeyer (20/01/2020)

Poloz Mum About Whether BoC Allowing Insiders to Front Run Markets - Peter Diekmeyer (20/01/2020)
By Peter Diekmeyer 4 months ago 4286 Views No comments

January 20, 2020

More controversy is emerging at the Bank of Canada, where Governor Stephen Poloz has been trying to slip away after his low interest rate policies fostered trillions of dollars in new debts at the expense of ordinary Canadians.

New data released by Statistics Canada indicates that Canadian individuals, businesses, banks, and governments owed $8.6 trillion at the end of the third quarter of 2019.

That’s an increase of 4.9% in just one year and 44.8% in the seven years since Poloz took office.

The average Canadian is now responsible for $227,927 in debts or $911,702 per family of four.

Insiders gaming the system?

As if that were not enough, new questions are arising about whether the Bank of Canada is allowing journalists to leverage their privileged media access at the monetary authority to enable high-frequency traders to front-run ordinary investors.

The questions arose following reports that the Trump Administration is planning to restrict similar media “lockups” in the United States.

Media lockups are a decades-old tool which provides journalists early access to information, such as interest rate announcements, monetary policy reports, job surveys and GDP data, so they can have their stories written and released at the same time that the data comes out.

However, a new report by Zero Hedge suggests that agencies such as Bloomberg and Reuters may be asking their reporters to send privileged data acquired in those lockups to help high-frequency trader customers of the companies’ other non-news divisions.

Zero Hedge cites rumors that Bloomberg earns millions of dollars from contracts that provide “data with zero latency” to high net worth clients.

However, according to one insider, Bloomberg's HFT feeds are the broadest in the market and tighter restrictions in the U.S. would affect data feed firms such as Refinitiv and Reuters much more.

A climate of fear in mainstream media

The insider trading story also raises new questions about the degree to which Poloz’s decision to ban alternative media from the Bank of Canada’s press conferences and events is affecting journalists’ ability to effectively cover the country’s most important central planning body.

According to veteran former ABC journalist John Stossel, government bans on coverage by media they deem unfriendly install a climate of fear among existing journalists.

“Be nice or we will kick you out” is their hidden message, Stossell said, in response to an earlier Bank of Canada decision to ban free market economists from a key policy conference. “The establishment takes care of itself.”

The Bank of Canada’s ban on alternative media also proved effective last fall in shutting down questions about whether Poloz was packing the central bank with cronies from his alma mater, the University of Western Ontario.

Poloz refused to respond to the allegations.

His communications team issued the following statement:

Consistent with standard practice among central banks and statistical agencies, the Bank of Canada hosts lock-ups for a broad range of accredited media. These ensure accurate and timely press reporting of the Banks' policies and decisions to the Bank’s audiences. The Bank clearly lays out the criteria that are considered when accrediting media to attend lock-ups.

The Bank also communicates its policies and decisions directly to the general public via our website. We have made significant investments over the past 20 years to ensure information is available immediately on our website at appointed embargo times. Our key principle is to make any new information on the economic outlook or monetary policy available to all our audiences at the same time.

About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.

Peter Diekmeyer is a business writer/editor with Sprott Money News, the National Post and Canadian Defence Review. He has studied in MBA, CA and Law programs and filed reports from more than two dozen countries.

The views and opinions expressed in this material are those of the author as of the publication date, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.You may copy, link to or quote from the above for your use only, provided that proper attribution to the source and author is given and you do not modify the content. Click Here to read our Article Syndication Policy.

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