McCaig`s Tower, Sun 23 Jun 15:38

To what extent is the information “privileged”? It seems like potentially a grey area.

The gambling industry thrives on punters trying to “get an edge” over the bookmaker – be it studying form or inside tips from the stable.

To make up an example – suppose you knew (but the bookies didn’t) that a team’s first choice goalkeeper was injured and that an untried kid would be between the sticks on match day – you’d have an edge and might be tempted to have a punt on the opposition.

It seems to depend on how you acquired this information, or whether it was “in the public domain”. The keeper telling you would seem to be insider trading, but suppose you saw him in a stookie, or saw the third choice turning up at the ground with his kit-bag, or heard that his folks were planning on attending the game when they normally didn’t? Where do you draw the line?

Clearly the campaign manager for the Conservative Party would be expected to be told the date in advance, but what of others putting two and two together? Rumours were abounding at Westminster and I’m sure loads of people would have had a punt on the election date when they heard there was to be a prime ministerial announcement that day. No doubt the bookies will have been monitoring activity and have checked their records to see who seemed to have known extra early.

What is interesting is Sunak’s attitude to suspending some people (but not others) and promising to boot people out of the party (when he seems happy to tolerate more egregious behaviour, although this would seem consistent with the actions of a man who has consistently got his thumb on the pulse of public opinion and seems pretty woeful at the art of politics.

On stamp gate, the evidence as presented by the Times (was it?) seems pretty damning – if you are asking if you are going to get caught suggests there may be doubt about the legality or morality of the proposed course of action which would rule out ignorance as an excuse. Swinney’s comments seem in marked contrast to being unable to comment on ongoing investigations, and to suspending party members pending an inquiry.

(It was reported that the messages were subject to some auto-deletion function – which is certainly consistent with the SNP’s attitude to transparency and record keeping.)

McCaig`s Tower, Sun 23 Jun 17:05

TOWK/Dave - perhaps you are privy to information I haven`t seen, but I don`t know who knew what and when with regard to placing the bets.

Are you saying that everything is black and white?

At what point does the information become unprivileged? And is connected information similarly privileged?

I believe the stock-market rules talk about "unpublished price-sensitive information" - couldn`t that be just about anything? It seems like a grey area to me, yet directors and employees are permitted to deal in shares of the companies they direct or work for.