Quite, he was just exploiting a loophole in the way spread betting companies operate.
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Some foreign forex trading platforms offer 200:1 leverage and spread betting with no requirement for LIFO accounting.
Spread betting prices may be a better guide than either the polls or sophisticated election calculators to what is going on.
As well as gambling the bank's money, Adoboli also traded on a personal level through two spread betting accounts held with IG Index and City Index Limited.
The allegations have turned attention to the practice of spot betting and spread betting in Asia, where large amounts of money are bet on a ball-by-ball basis.
In order to get 200:1 leverage and spread betting in the UK, you generally have to have an account housed with a UK broker, regulated by the UK regulator.
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Some Americans insist on keeping a foreign broker to retain 200:1 leverage and spread betting, rather than succumb to CFTC rules capping leverage at 50:1 on majors and 20:1 on minors plus FIFO.
FORBES: Handling New IRS Foreign Reporting Requirements Without Doing Jail Time
In short he noted that the spread betting companies offered contracts for differences (not unlike an option but a gambling contract, not an option itself) based upon the best bid and offer prices on the London Stock Exchange.
FORBES: Barnett Alexander's Market Abuse: Wait, What Market Abuse?
At spread-betting firm City Index, the male-to-female ratio of punters is 10:1.
Tens of millions of pounds more will be wagered thorough spread-betting firms such as Sporting Index and Cantor Sport.
Horseracing is in the hands of the Jockey Club and the British Horseracing Board, while the growing spread-betting industry is controlled by the Financial Services Authority.
The fine came despite Mr Alexander claiming he did not know he was operating illegally and was just exploiting a weakness in the way spread-betting companies operate.
FORBES: Barnett Alexander's Market Abuse: Wait, What Market Abuse?
"I guarantee that this will be the biggest betting event that this planet has ever seen, " says Wally Prior of London-based Sporting Index, the leading spread-betting firm.
In London, the Financial Services Authority regulates spread-betting firms.
Many investors are using exchange-traded funds to diversify across the sector and spread their risk, rather than betting on one or two companies.
Betting that the party spirit will spread, Disney is keeping its theme parks, Magic Kingdom in Florida and Disneyland in California, open around the clock Feb. 29.
These new networks gather angels into quasi-professional investment syndicates, allowing investors to spread their risk and take part in bigger and sometimes more attractive opportunities without betting the bank.
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