Ethical Legal Practice and Client Care

In early 2015 Lukas Kamay, previously a currency trader at National Australia Bank, and his accomplice Christopher Hill, a former employee of the Australian
The Bureau of Statistics was convicted of the largest insider trading scandal in Australian history. Kamay and Hill had gone to university together and had a simple but meticulously planned trading scheme: Hill would obtain pre-release ABS economic data, which Kamay would then trade on using leveraged Australian dollar US dollar foreign exchange contracts.

Kamay executed a total of 45 trades carefully timed to avoid detection and offsetting news flows and made a profit in excess of A$8 million within one year. Unsurprisingly for opaque over-the-counter foreign exchange markets, the pair were tipped off by the brokers responsible for executing their trades, rather than by market surveillance and technology efficiently used in stock markets to detect insider trading through price irregularities.