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A blog on financial markets and their regulation
Governments are today extremely careful to ensure non discriminatory disclosure of
sensitive data at the same time to all. Supranational bodies also normally observe this
discipline. Even where they hold press conferences ahead of public disclosure, they
are subject to clear embargoes that are complied with. In this context, the early
disclosure of BIS data on petrodollars is quite disturbing. Steve Johnson reported
the data in the Financial Times a day before it became public.
The following chronology would put things in perspective
This chronology establishes that the issue of what was happening to petrodollars was important to market participants, analysts
and academics. This was an issue being debated quite earnestly. It is also clear that the BIS report contains data pieced together
from a number of sources that adds materially to our understanding of the situation. By any standards, it constitutes “material price
sensitive information” that should not have been disclosed in a selective manner.
It is even more lamentable that the central bankers’ central banker should be guilty of such a lapse.