There is evidence that information is leaked ahead of key U.S. macroeconomic data, researchers from the European Central Bank said in a paper published a paper Monday.
The study found that certain U.S. stock futures and Treasury markets moved well ahead of the release of macroeconomic data.
"Seven out of 21 market-moving announcements show evidence of substantial informed trading before the official release time. Prices begin to move in the 'correct' direction about 30 minutes before the release time," the study said.
The authors of the study noted that the working paper does not necessarily represent the views of the ECB.