On 16 September 2011, the FSA announced that it would launch an investigation into the conduct of Kweku Adoboli, the alleged rogue trader who is thought to have made losses in excess of $2.3bn while working on the UBS Delta One Exchange Traded Funds (ETF) trading desk.

The FSA has stated that it will be working in conjunction with the Swiss Financial Market Supervisory Authority to conduct a “comprehensive independent investigation into the events surrounding the trading losses incurred by UBS in its London operations”. The Serious Fraud Office has announced that it may join the FSA in investigating Adoboli’s conduct.

A detailed discussion on the UBS rogue trader has featured in the latest edition of the Nabarro Financial Investment Group (FIG) newsletter.

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