A former bank employee and public servant will plead guilty over a $7 million insider trading racket, a court has heard.
Former National Australia Bank employee Lukas James Kamay and Australian Bureau of Statistics (ABS) worker Christopher Russell Hill are charged over a scheme in which confidential market-sensitive information was allegedly used in trades that netted about $7 million in profits.
They intended to plead guilty but the precise charges would be determined in discussions with prosecutors, lawyers for the pair told a brief hearing in the Melbourne Magistrates Court on Thursday.
Hill used his position with the ABS in Canberra to access data on the labour force and retail trade before its official release, police alleged at a previous hearing.
He then passed it to his university friend Kamay in Melbourne, who used the information to make foreign exchange derivative trades, earning more than $7 million, police alleged.
Hill, 24, started with the ABS in January 2011 as a technical statistics expert preparing labor force and employment reports.
Kamay, 26, worked for NAB in Melbourne on the foreign exchange desk but was not involved in derivatives trading.
Kamay, of Clifton Hill, faces seven charges over the trades, while Hill, of Belconnen in Canberra, faces five charges, including conspiring to engage in insider trading and receiving a bribe as a Commonwealth official.
Both Kamay and Hill are yet to enter formal pleas.
They will return to court on September 16.
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