Ex-UBS ETF trader banned for failings related to $2.3 billion losses

The Financial Conduct Authority has banned John Christopher Hughes, an ex-UBS exchange-traded-fund trader, from performing any function in relation to any regulated activity in the financial services industry. Between Jan. 1 and Sept. 14, 2011, Hughes was the most senior trader on the ETF desk at UBS when Kweku Mawuli Adoboli, another trader on the desk, made $2.3 billlion unauthorised trading losses through an unreported fund they called the umbrella, according to a notice released this morning by the regulator.