The big story of the day is the $2 billion loss at UBS supposedly caused by an unauthorised trade: AKA a rogue trader.
The bank hasn’t said much. The statement on the matter is super-short.
Here’s the weirdest part. According to Jeremy Grant at the FT, UBS says it hasn’t identified the origin of the trades.
All rogue trader stories are murky, with big questions about what actually constitutes a rogue trade, but this is just strange.
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