BUSINESS

UK first for Genting; Banned trader intends to teach secrets

TAGs: CFD, FSA, GentingPoker.com, spread betting

GentingPokerIn a UK-first, GentingPoker.com is rolling out an RFID poker table for an upcoming tournament. It will be used during the Genting Poker Player’s Championship that gets underway later this month at Liverpool’s Circus Casino. The table benefits from being able to track cards using RFID electronics and it means that cards can be superimposed onto a live video feed. The technology replaces the need for hole cameras. This may take away from the whole experience of watching live poker though. The tournament takes place between 30th June and 3rd July and includes a £10,000 “refund freeroll.” It has three separate start days capped at 200 for each day and the only way to register for the tournament is at GentingPoker.com

Still in the UK, a trader fined more than £1m by the Financial Services Authority (FSA) is seeking to teach others his dirty tricks. 47-year-old Barney Alexander manipulated share prices on the London Stock Exchange by trying to influence the prices of contracts for difference (CFDs) and spread betting. The fines amount to £700,000 owed to the FSA and £322,818 in restitution to the firms that suffered a loss due to his actions. He also transferred the firms a further £306,312 held in trading accounts. Alexander believes that he wasn’t doing a whole lot wrong.

“At no point did I realise that my actions might amount to market abuse. I developed a strategy that exploited weakness in the systems of large firms and I thought I was exploiting a trading inefficiency,” he told the Guardian. “My strategy did not mislead the rest of the market and I have paid back all the spread-betting firms involved. I think this case demonstrates that there is a need for greater clarity and guidance to assist self-employed traders like me to work out what is and what is not permitted by law.”

He added that he now intends to “talk to people about my exploits.” He may be arriving at your office with black board and chalk any time soon it seems.

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