Paul Roy

It comes as no surprise that BHA Chairman Paul Roy should once again repeat verbatim the wording that he gave the Racing Post last week, and that David Zeffman put in his article two days earlier, about professionals operating on exchanges, in today's 'exclusive interview' in the paper.

It's no surprise either to see him making statements like, "exchange prices which are very keen but have minimal liquidity at those keen prices".

But both statements go to show that racing has not lost its old knack of saying things it wants to believe, and then believing them just because it hears them said.

The idea that we have 'minimal liquidity' at prices that are 'keener' than those that traditional bookmakers would otherwise make is easily dismissed by anyone who actually looks at our markets.

It may well be that Paul Roy wishes that there was minimal liquidity, and that somehow the traditional price on-course is a fairer price to the punter because it is more reflective of proper volume.

But unfortunately, Paul, it isn't true. However many times you say it.