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Hedge Fund Diners Get ECB’s Market-Moving News Hours Early

ECB Executive Board Member Benoit Coeure

ECB Executive Board Member Benoit Coeure

SeongJoon Cho/Bloomberg
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On Monday evening, Benoit Coeure told a room of bankers and hedge-fund managers in London that the European Central Bank will front load its asset-buying program before a summer lull.

The next day, the rest of the market found out, irking investors from Edinburgh to Frankfurt who weren’t in the know as the euro dropped and bonds and stocks rallied. The ECB board member’s dinner speech at the Berkeley Hotel came at the end of an invitation-only conference featuring senior officials from at least five central banks, and which was organized by research groups including one financed by hedge fund Brevan Howard Asset Management.