Adoboli trial: ‘risk-seeking’ culture at London UBS
UBS is “less risk-averse” in London than in the US, says Adoboli's former manager
Kweku Adoboli's former manager told a court there was a culture in London that was "risk-seeking" and "less risk-averse" than in the US.
John DiBacco, who was based in New York, managed the UBS exchange-traded fund (ETF) desk from April 2011. He said more proprietary risk was taken in London compared with the US and was "surprised" at the size of some of the positions across the dealing room.
When
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Risk management
The ECB’s geopolitical stress test needs a price
Only a market can say how much it should cost to insure against losses from a geopolitical risk event, and none exists, argues academic
Risk managers grapple with hazards and benefits of intraday repo
Expected increase in collateral velocity and re-use could also boost leverage and risk in markets
Repo tokens won’t be cleared. Or will they?
Uncertainty lingers over clearing status of tokenised Treasuries, with decision likely devolved to DTCC
Op risk data: Japanese restaurant payments firm swallows $700m loss
Also: Bank of Baroda fraud filing, Wells’ Ponzi woes, and Swedbank’s Panama Papers payout. Data by ORX News
ECB finds gaps in geopolitical stress-testing frameworks
Current methods fail to properly capture impact of geopolitical stress on liquidity
How internal reporting data can strengthen governance and risk oversight
Japan’s revised whistleblower regime provides an opportunity to strengthen internal reporting arrangements
Rapid-fire repo raises hopes of cheaper, faster trading
Tokenised Treasuries piloted by DTCC could squash settlement cycles and enable 24/7 repo
FCMs back CFTC proposal granting opt-out from CME oversight
New rules aim to address conflicts of interests at vertically integrated exchange groups
