UBS said the “unauthorized trading incident” that led to a $2.3 billion loss in its third quarter was not “sufficiently investigated” when detected.
The activity allegedly undertaken by former trader Kweku Abodoli involved stock index futures positions offset in UBS systems “with fictitious, forward-settling exchange-traded funds positions.”
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access