About the difference between arbitrage and speculation.
It reads a bit oddly as now that charges have been laid in a case that I cannot mention I have to leave out any reference to that case I cannot mention. So there has to be a little bit of reading between the lines to work out why the piece has been published at all.
Still the core of that case not mentioned is that it\’s the nightmare of finance: arbitrage is risk free, arbitrage requires large budgets to work. Arbitrage desks have vastly higher budgets than risk taking speculative desks. Because there\’s no risk, see?
And then the nightmare: someone supposedly doing arbitrage decides to go and do speculation with that budget designed for arbitrage not speculation.