UBS Trader Scandal Reveals Lingering Regulatory Gaps

Law360, New York (September 15, 2011, 7:52 PM EDT) -- As banking reform begins to gain a foothold in both the U.K. and the U.S., news on Thursday that a London-based trader cost investment giant UBS AG $2 billion underscores the need for a tighter watch on some of the murkiest corners of the financial sector, according to experts.

London police confirmed Thursday the arrest of a UBS trader, whom several sources have identified as Kweku Adoboli, a 31-year-old trader on the bank's exchange-traded-fund desk. UBS estimated the losses from the trades at $2 billion and...
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