UBS reports $14bn writedown

UBS revealed in late January that it had taken even more damage from the US subprime debacle than it expected, with writedowns totalling $14 billion. The Swiss bank will report $12 billion in fourth-quarter writedowns on its portfolio of assets linked to US subprime mortgages, and another $2 billion on assets linked to other US residential mortgages. It warned in December that it faced $10 billion in writedowns on its subprime mortgage holdings alone. This follows $4.4 billion in writedowns in

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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