CMC Markets - Cheap Opportunity?4

I have bought into this at 105 the other day. It's only 2.5% of the portfolio weight. I'm trading small given volatility, and should possibly be in for more.

CMC Markets (OTC:CCMMF) is a spread betting/CFD firm; basically a brokerage. In the UK, this has some advantages. It has no stamp duty (0.5% acquisition price) and no Capital Gains Tax (CGT). The inland revenue allows spread betting to be tax-free as it is classed as gambling and most lose. I think it's good value at the current price, as the balance sheet is very strong, relative to the market cap, and the regulatory risk which has caused the fall in the share price is mostly priced in.

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