UBS takes Sfr267 million FVA charge

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UBS revealed a Sfr267 million loss ($282 million) in its third-quarter results as it revalued its derivatives to reflect the funding costs associated with uncollateralised trades. It is the eleventh bank known to have done so – with many making the move this year, including Deutsche Bank and JP Morgan – and provided some insight into its methodology.

Funding valuation adjustment (FVA) reflects the costs and benefits incurred when uncollateralised trades are hedged with collateralised ones, or

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