U.K., Swiss Slap UBS Over Trading
UBS has been fined GBP29.7 million (USD47.5 million) by the U.K. Financial Services Authority in relation to systems and control failings that allowed Kweku Adoboli, a trader in the firm’s global synthetic equities division, to generate about USD 2.3 billion in unauthorized trading losses at the firm. The Swiss Financial Market Supervisory Authority has also imposed preventative measures to limit the firm’s operational risks.
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