Given the task definition and input, reply with output. In this task, you are given a text of many news articles seperated by special token "|||||". Your task is to summarize them.

On Sept. 18, gold futures surged nearly $20 in the 30 seconds after the US Federal Reserve released the news that it would not “taper” the monetary stimulus it’s feeding the economy. Someone made a lot of money off of that—potentially by dubious means. 
  
 According to research from Nanex LLC, a Chicago-based research firm that monitors trading activity, a mountain of orders placed at exactly 2:00:00 PM ET—and the activity following those orders—indicate that someone almost definitely had bets in early. Eric Hunsader, Nanex’s founder, calls the evidence “overwhelming.” 
  
 News from the Federal Reserve is released from a lock-up room in Washington, DC, so that reporters can write stories ahead of the actual release. In other lock-ups, special “black boxes” prevent reporters from transmitting the news until the exact millisecond the data are officially public. The Federal Reserve does this somewhat differently, but says it has a system in place to ensure that the data are released at exactly 2:00 PM ET. After that, information takes 2 milliseconds to travel from DC to New York City (really, computers in New Jersey), where stocks trade, and 7 milliseconds to travel to Chicago, where futures trade. 
  
 But Nanex finds that a large pile of trades—both in a gold ETF (GLD) traded in New York and in gold futures traded in Chicago—happened exactly at 2:00 PM ET, but not a thousandth of a second later. The news simply wouldn’t have had the chance to travel this distance in that time. 
  
 Could it just have been dumb luck? Probably not. Based on the data, Hunsader believes that the bet came from a single actor who would have had to “commit well over a billion dollars,” meaning it was too large a gamble to take lightly or blindly. Hunsader believes someone had the information early. 
  
 Could a reporter have leaked it? As we’ve previously written, the lock-ups haven’t always been as secure as they should be. But given recent publicity about leaks, Hunsader thinks that’s unlikely. 
  
 Could a news organization have sent the data in advance to its own servers in both New York and Chicago and programmed them to release it at the exact same moment? They are allowed to do that with certain kinds of data, Hunsader writes, but in the case of last week’s Fed announcement that shouldn’t have been possible. And even if they had, such releases typically happen up to 15 milliseconds too early or too late because the servers’ clocks aren’t precisely set. In this case the spike in trades began on the very millisecond of 2pm. 
  
 “This is not a bad technology case. This is a somebody’s-hand-is-in-the-cookie-jar case,” Hunsader told Quartz. 
  
 “The Fed news was leaked to, or known by, a large Wall Street Firm who made the decision to pre-program their trading machines in both New York and Chicago and wait until precisely 2 PM when they would buy everything available,” he writes. “It is somewhat fascinating that they tried to be ‘honest’ by waiting until 2pm, but not a thousandth of a second longer.” 
  
 It’s not clear how the US government would attempt to track down the source of the leak. But it could certainly investigate the trades that took place. At the very least, the laws of physics combined with the laws of the land seem to make it impossible for a firm to have had information that it appears to have traded on at the time that it appears to have traded on it. 
  
 Clarification: An earlier version of this post implied that the Federal Reserve uses black boxes to disseminate data, like the Labor and Commerce Departments. The Fed does this differently, but wouldn’t provide Quartz with any details on the exact process. 
  
 Read this next: The economist who predicted the financial crisis just sounded another alarm—it would be wise to listen this time |||||  
  
 But what about frozen orange juice futures? (Spencer Platt/Getty Images) 
  
 Reporting from CNBC and Quartz points to strong circumstantial evidence that one or more traders received an early leak of the Federal Reserve's surprise decision last week not to slow down its bond purchases. 
  
 Markets swung rapidly on the 2 p.m. announcement last Wednesday, with stocks, bonds, and the price of gold all skyrocketing. Somebody placed massive orders for gold futures contracts betting on exactly that outcome within a millisecond or two of 2 p.m. that day -- before the seven milliseconds had passed that would allow the transmission of the information from the Fed's "lock-up" of media organizations who get an early look at the data and the arrival of that information at Chicago's futures markets (that's the time it takes the data to travel at the speed of light. A millisecond is a thousandth of a second). CNBC's Eamon Javers, citing market analysis firm Nanex, estimates that $600 million in assets could have changed hands in that fleeting moment. 
  
 There would seem to be three possibilities: 1) Some trader was extraordinarily lucky, placing a massive bet just before a major announcement that would make that bet highly profitable. 2) There was a leak, either by a media organization with early access to the data or even someone at the Fed. Or 3) The laws of physics have been violated as the information traveled from Washington to Chicago faster than the speed of light. 
  
 You can see why Option 2 looks the most plausible. 
  
 Presumably there will be a hard look into what exactly happened, and in particular whether some technical glitch allowed some high frequency trading firm to get the data a few milliseconds early, or some unethical behavior. But in the meantime, there's another useful lesson out of the whole episode. 
  
 It is the reality of how much trading activity, particularly of the ultra-high-frequency variety is really a dead weight loss for society. 
  
 Capital markets exist to serve the real economy: Stock and bond markets exist to allow companies to raise the funds they need and savers to invest for the future. Futures and options markets exist to let companies and individuals hedge against potential losses, smoothing out the risks of fluctuations in currencies, commodity prices, or whatever. 
  
 There is a role in these markets for traders whose work is more speculative. Having opportunistic traders in the markets always watching for mispricings can be beneficial to the real companies and individuals looking to save or invest because it means they are more likely to be able to get a fair price and carry out the transaction whenever they want. (The traders ensure, to use the formal terms, liquidity and efficient price discovery). 
  
 But when taken to its logical extremes, such as computers exploiting five millisecond advantages in the transfer of market-moving information, it's much less clear that society gains anything. Five milliseconds, Wikipedia tells me, is about the time it takes a honeybee to flap its wings. Once. 
  
 In the high-frequency trading business, billions of dollars are spent on high-speed lines, programming talent, and advanced computers by funds looking to capitalize on the smallest and most fleeting of mispricings. Those are computing resources and insanely intelligent people who could instead be put to work making the Internet run faster for everyone, or figuring out how to distribute electricity more efficiently, or really anything other than trying to figure out how to trade gold futures on the latest Fed announcement faster than the speed of light. ||||| CNBC has contacted one other organization that operates a low-latency service and attended the lockup, Market News International, which is owned by the Deutsche Borse Group. A spokesperson for that organization said it would provide a detailed response as soon as Wednesday. 
  
 Despite the Fed's lack of clarity about the specific rules, its staffers took a number of precautions inside the lock up room last week designed to prevent the data from leaving the building early. In advance of the release of the market moving decision, Federal Reserve officials followed a standard procedure to choreograph a tightly planned embargo operation that gave reporters advance copies of the Fed's decision. 
  
 Inside a room on the top floor of the William McChesney Martin, Jr. building, Fed officials instructed reporters not to send information about that decision to the outside world before precisely 2 p.m. as measured by the national atomic clock in Colorado. 
  
 The doors were locked at 1:45 p.m., and Fed staffers handed out copies of the statement at 1:50 p.m., allowing reporters a few minutes to digest the complicated document before reporting on its contents. At 1:58 p.m. television reporters were escorted out of the room to a balcony where cameras had been prepositioned. The Fed's security rules dictated that television reporters were not allowed to speak before precisely 2 p.m. Print reporters were told they were allowed to open a phone line to their editors at headquarters offices a few moments in advance of the hour, but not allowed to interact with people on the other end of the line until exactly two p.m. 
  
 On top of those precautions, every media person entering the lockup – including two employees of CNBC -- was required to sign an agreement that read: "I understand that I may make no public use of the documents distributed by Federal Reserve Board (FRB) staff or the information contained therein, including broadcasting, posting on the Internet or other dissemination, until the time the FRB has set for their public release." 
  
 All of the security precautions were taken to prevent the details of the Fed's decision from leaving the building before the precise deadline – to make sure that editors, technicians, producers and even computer techs in media offices all over the country could not learn of the decision ahead of time. 
  
 Financial markets reacted to the Fed's announcement last week that it would continue to stimulate the US economy at the speed of light, pushing stocks dramatically higher in just moments. But it looks like the speed of light just wasn't fast enough for somebody: Some traders in Chicago appear to have had access to the Fed's decision before anyone else in the Windy City. 
  
 According to trading data reviewed by CNBC, they began buying in Chicago-traded assets just before others in that city could have learned of the decision if the information traveled from the Federal Reserve building in Washington. By one estimate, as much as $600 million dollars in assets changed hands in the milliseconds before most other traders in Chicago could learn of the Fed's September surprise – a sharp contrast to the very low volume of trading ahead of the Fed's decision. 
  
 Eric Hunsader, founder of the market analysis firm Nanex, first spotted the unusual trading pattern and alerted CNBC to it. 
  
 (Read more: Consumer confidence releases: A journalism hat tip) 
  
  
  
 It's not exactly clear how the information got to Chicago markets so quickly. But the Federal Reserve is concerned enough about the unusual event that it has begun discussions with news organizations. In response to specific questions about the unusual trading activity, the Fed released a statement to CNBC saying, "We will be conducting follow-up conversations with news organizations to ensure our procedures are completely understood." 
  
 And, the Fed said, "As is generally the case with other releases of market-sensitive information by government agencies, news organizations receiving embargoed information from the Federal Reserve agree in writing to make no public use of the information until the time set for its release." A Federal Reserve spokesman declined to name the organizations it is in discussions with. The spokesman did not respond on the record when asked whether any of the organizations broke the Fed's rules. 
  
 —By CNBC's Eamon Javers. Follow him on Twitter: @eamonjavers 
  
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When the Fed made the surprising announcement last week that it would not ease up on its bond purchases, it looks like some traders may have gotten an early leak of the news—and such a leak may have helped them make quite a bit of money. The Washington Post and Mother Jones break it down: The Fed announcement was made at exactly 2pm according to Washington's national atomic clock. It should have taken the information 7 milliseconds to reach Chicago. Instead, a few "massive" orders—betting correctly on the Fed decision—were placed in Chicago exchanges just 1 to 3 milliseconds later. (The orders were for gold futures contracts; the price of gold jumped after the announcement.) According to market analysis firm Nanex, $600 million in assets could have changed hands in those few extra milliseconds before other Chicago traders had the information. The news was first reported by CNBC and Quartz. So what happened? It's still not clear. The media got an early look at the data, but reporters were in a secure room and not allowed to communicate with anyone outside until exactly 2pm. Even so, the Post speculates it could have been a leak from either the media or the Fed itself, or perhaps a technical glitch. The Fed says it's contacting media organizations to make sure the lock-up rules are understood. Nanex's founder believes a single actor is responsible for the early orders. "This is not a bad technology case. This is a somebody’s-hand-is-in-the-cookie-jar case," he says. "The Fed news was leaked to, or known by, a large Wall Street firm who made the decision to pre-program their trading machines in both New York and Chicago and wait until precisely 2pm when they would buy everything available."