Nanex Research

Nanex ~ 20-May-2014 ~ Nanex Discoveries Lead to Policy Changes

Between May 2013 and December 2013, Nanex discovered 5 sources of early news leaks from analysis of market data and published the results. Each of these discoveries led to significant policy changes.
Date News Release Event Discovery Policy Changes
May 17, 2013 Michigan Consumer Sentiment Released 25 milliseconds early Reuters Suspends the Practice
May 28, 2013 Conference Board's Consumer Confidence Survey Released 1/4 second early Conference Board Ends Embargoes After Leaks
Dow Jones Admits to clock synchronization issue
Jun 3, 2013 ISM Manufacturing Index Released 15 milliseconds early Reuter's admits clock synchronization issue caused 15 millisecond early release
Sep 18, 2013 FOMC Announcement Einstein and The Great Fed Robbery Fed Policy Change
Dec 13, 2013 4pm Earnings News Releases News Leaks at Market Close Businesswire halted the practice
Some charts.

1. High Trading activity at 9:54:58 immediately stops after CNBC broadcasts about the early release to a select group.

2. Extreme Trading Activity 6 seconds before and after 10:00:00 ET between January 2009 and July 26, 2013. (Original Page)
Note the dots that show up at 9:59:59 - this only happens when someone gets news a fraction of a second before others.

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