I plan to update this page occasionally, as the story develops. Last update 26th Sep 15:00 GMT, latest posts at the bottom of the page. The views on the incident seem to get nastier by the time.
This is just crisis porn and more suitable for late-night viewing. Fortunes have been made and mostly lost, so this is a good primer on what to expect (FT writing about your Facebook status updates) when the middle office finds those hidden trade confirmations. If you have been lucky or only somewhat unlucky in the markets, this can be thought as a reminder that things could be much, much worse for you. Good luck, follow me on Twitter or email me.
UBS ROGUE TRADER
Linkedin profiles of the perp and his boss. Delta One, just like in SocGen
The curse of Delta one strikes UBS – alphaville / FT
Internal memo to employees
UBS rogue trader – alphaville / FT
Indirect cost increases: more risk management, investor risk aversion, bad reputation
UBS rogue trade – the wider costs – alphaville / FT
FSA broker profile, Twitter account, also points out that similar trouble in quant funds can be expected.
Mandatory look at previous famous cases.
Points out that UBS’s risk management has been criticized in the past, too.
Why Didn’t UBS’ Risk Systems Throw Up an Alert? – The Source / WSJ
The timing just after the Vickers report puts an interesting twist to the debates on banking reform: “As for the bankers, they remind me of the post-1815 Bourbon monarchs who had "learned nothing and forgotten nothing".”
** What's $2 billion between friends? – Buttonwood’s notebook / The Economist
Is it even extraordinary? (Short piece)
** Too big to care – This is the Green Room
Points out that the loser rogues are tolerated because of winner rogues
** What Do You Call A ‘Rogue’ Trader Who Makes $2 Billion? A Managing Director – MarketBeat / WSJ
Profile of the “man of the hour”
Meet Kweku Adoboli – efinancialnews.com
Speculates that the position was in EURCHF, and could have been a long volatility play.
UBS and the Big Trade? – The Trader
A rogue trader at UBS or a rogue bank? – Business blog / FT
16th Sep updates
You can probably guess Matt Taibbi’s view from the headline
Neighbors tell he is a really nice guy, went to good school, blah blah.
16th Sep updates
Moody’s May Downgrade UBS After Trading Loss – DealBook / NYT
Also suggests CHF as the culprit
Losing $2B Without Anyone Knowing About It Is Much Harder Than You Think – Kid Dynamite’s World
17th Sep updates
City rogue trader Kweku Adoboli arrested over $2bn UBS loss – The Telegraph
“Recent volatility in financial markets may have helped bring the losses allegedly racked up by a rogue trader at UBS to light, risk managers speculate....”
Rogue Trader Deals Big Blow To UBS – Forbes
Rouge Trading...Blinded By Profits - Forbes
'Rogue trader' Kweku Adoboli alerted bank himself – The Telegraph
Rogue trader a massive blow for UBS – This is money
- -
Rogue Trade Suspect 'Hires Leeson Lawyers' – Sky News
ETFs. Liquid and low risk unless you work for UBS – Fintag’s Newsletter
How UBS’ Reputation Could Be Damaged Further in Wake of Rogue Trade – The Source / WSJ
Charges in UBS trader case – alphaville / FT
Rogue Trading 101: How To Lose $2 Billion – Index Universe
“I Have An Error” – Kid Dynamite’s World
Judge: UBS Trader Held Until Next Week – advancedtrading.com
UBS Rogue Trader Exposes Massive Systemic Risk – Yahoo! Breakout
The Rogue’s Gallery – thinkprogress.org
Why Financial Reform Hasn't Stopped Rogue Traders – Curious Capitalist / TIME
UBS trading losses – the regulatory response – alphaville / FT
There Are No Rogue Traders, Only Rogue Banks – The Big Picture
UBS: Rogue Trader Puts Spotlight on Risk Controls – The Street
UBS rogue trader: Investigations focus on fictitious hedges – The Telegraph
UBS rogue trader: You were warned about ETFs, says Terry Smith – The Telegraph
18th Sep updates
Scapegoatia-UBS reveals details of Trades – The Trader
18th Sep updates
Scapegoatia-UBS reveals details of Trades – The Trader
Whither UBS’s investment bank? – Felix Salmon / Reuters
'Rogue trader' losses engulf UBS – The Telegraph
UBS chief Oswald Gruebel under threat as fraud crisis deepens – The Telegraph
UBS loss 'came from lots of small trades over months' - BBC
(REG) Delta Desks Emerge as Mine Fields – WSJ
19th Sep updates
19th Sep updates
Some comments on the UBS Rogue Trader – Bronte Capital
Easing SEC Regulations, Volcker Rule, UBS Trader: Compliance – Businessweek
Wall Street Pays For Its Crimes – Forbes
Analysis: The real rogue is not UBS’s Kweku Adoboli but Delta One trading – TBIJ
A failure of all offices – This is the Green Room
Bonus/Layoffs Watch ’11: UBS Failing To See The Considerable Upside To $2.3 Billion Loss, Says Analyst – Dealbreaker
Want to trade billions for fun? This is how – Fintag’s
More Incomplete ETF Reporting – Random Roger
Examining the Charges Against a UBS Trader – DealBook / NYT
Make That $2.3 Billion – DealBook / NYT
UBS rogue trade – Kengeter memo – alphaville / FT
20th Sep updates
21st Sep updates
The UBS-Adoboli Scandal Shows the Problem of Negatively Skewed Risk is Still With Us – EconoMonitor
22nd Sep updates
Why Banks Don't Listen to their Risk Managers and Risk Losing Billions – Advanced Trading
23rd Sep updates
(reg) UBS Trader Faces New Charge – WSJ
24th Sep updates
UBS Chief Resigns Over Trading Scandal – NYT
25th Sep updates
UBS: Ossie out – Schumpeter / The Economist
20th Sep updates
UBS Scandal Is a Reminder About Why Dodd-Frank Came to Be – DealBook / NYT
Spotting a Rogue Trader – Advanced Trading
21st Sep updates
The UBS-Adoboli Scandal Shows the Problem of Negatively Skewed Risk is Still With Us – EconoMonitor
22nd Sep updates
Why Banks Don't Listen to their Risk Managers and Risk Losing Billions – Advanced Trading
Rogue Watch: Beware False Trades – Advanced Trading
UBS CEO Gruebel says has board's backing – Reuters
A rogue trader speaks: 'You live in fear. Your whole life is a lie' – The Independent
UBS Says Investment-Bank Operations Won't Be Sold – WSJ
UBS Suggests Employees Savor This Weekend’s Pebble Beach Outing, As Next Year’s Event Will Be Held At The Hartford Pitch ‘N Putt – Dealbreaker
23rd Sep updates
(reg) UBS Trader Faces New Charge – WSJ
Is Oswald Grubel leaving UBS? – Money Is The Way
UBS Trader to Remain in Custody – DealBook / NYT
24th Sep updates
UBS Chief Resigns Over Trading Scandal – NYT
The board said it regretted Mr. Grübel’s decision. Sure, that’s why one week ago he told a newspaper that as CEO he was responsible for the trading loss, but did not feel guilty and gad not thought about resigning. You’re fired!
A huge loss at UBS will make it harder to revive its investment bank
“I take money from UBS "financial advisors" all day long. I wrench people out of its horrible hedge funds and brokerage products and I take the calls from people who say ‘all I wanted was to work with my guy at PaineWebber, how did I end up dealing with these clowns?’”
“The UBS "Rogue Trader" incident which was anything but rogue and certainly involved far more than just a trader, has struck at the very top”
UBS rogue trader: Oswald Grübel resigns – The Telegraph
UBS rogue trader: KPMG to lead investigation into bank failings – The Telegraph
UBS jobs in peril as CEO quits over alleged rogue trader scandal – The Guardian
25th Sep updates
UBS: Ossie out – Schumpeter / The Economist
UBS hopes small is less risky – BBC
26th Sep updates
UBS’s Grübel Steps Down, More May Follow – The Source / WSJ
26th Sep updates
UBS’s Grübel Steps Down, More May Follow – The Source / WSJ
UBS Shares Rise on Chief’s Departure – DealBook / NYT
Rogue Trading Leads UBS Chief to Resign – NYT
Who Wants To Be CEO Of UBS? – Dealbreaker
27th Sep updates
27th Sep updates
UBS in ‘Disarray’ as CEO Gruebel Is Replaced by Ermotti – Businessweek
UBS 'rogue trader' offices to be knocked down – The Telegraph
UBS Shareholders Push for Deeper Changes – WSJ
UBS’s New Chief: We Will Keep Our Investment Bank – DealBook / NYT
In Rogue Trading Scandal, a Reason to Enforce the Volcker Rule – DealBook / NYT