Connect with WINN FM

Unit C24, The Sands Complex
Newtown Bay Road, Basseterre, St. Kitts, W.I.
Download Programme Schedule

UK Watchdog Fines UBS Over Trading Scandal

(Reuters) - UBS was fined 30 million pounds ($48 million) by Britain's financial watchdog and put under extra scrutiny by its Swiss counterpart over failings that allowed a rogue trader to lose $2.3 billion.

Announcing the fine on Monday, the director of enforcement at Britain's Financial Services Authority (FSA) said the Swiss bank's risk control systems were "seriously defective."

Kweku Adoboli, a trader on UBS's Exchange Traded Funds desk in London, was jailed for seven years last week after admitting trading far in excess of authorized limits in the biggest fraud in British history.

"Failures of this type in firms of the size and standing of UBS not only damage the firms concerned but also wider confidence in the integrity of the markets and the financial system," the FSA's Tracey McDermott said.

In a separate announcement, the Swiss financial regulator Finma said it was examining whether UBS should increase capital to back its operational risks. A Finma spokesman declined to elaborate.

Read more

Add comment


Security code
Refresh


Top Local Stories





LISTEN AGAIN

 - WINN FM Evening News - 21st January, 2015

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

 -Sports Factor-Jan 8th 2015-Interview with Antoine Adams and NBA review

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

- Inside the News - Saturday 17th January, 2015

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

- The Bigger Picture with Ken Richards 11th January, 2015

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

-The Operating Room 13th January, 2015

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.


-Sports Factor Dec 18, 2014-Interview with Evris Huggins

Click below to hear full item

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

- Felix Redmill - Time For A New Political Culture

Click below to hear full item | Read full text

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.