Insider trader to fight dealing charge

A former banker who ran a $7 million insider trading scheme will fight a charge of dealing with the proceeds of crime.

Lukas James Kamay, who worked for the National Australia Bank, netted more than $7 million in profits after receiving market-sensitive data from Australian Bureau of Statistics (ABS) worker Christopher Russell Hill before its official release.

Kamay, of Clifton Hill, has pleaded guilty to six insider trading charges, but pleaded not guilty to a charge of dealing with the proceeds of crime.

Defence lawyer Tony Isaacs told the Victorian Supreme Court that Kamay would apply to have a permanent stay on the charge if it was not withdrawn.

"He has made full confessions, full admissions," Mr Isaacs said on Wednesday.

"We simply say this is charging a thief with handling stolen goods."

Documents previously tendered in the Melbourne Magistrates Court allege that Kamay, 26, and Hill, 25, had aimed to make $200,000 from foreign exchange derivative trades and split the profits equally.

But without his partner's knowledge, Kamay ran a second trading account, which reaped most of the more than $7 million in profits, the documents showed.

Hill, of Belconnen in the ACT, has pleaded guilty to six offences, including insider trading and abuse of a Commonwealth office.

They will both face a two-day pre-sentence hearing in December.