Top dealers slash equity exposures in Q2

The majority of the world's largest market risk-takers slashed their equity market exposures in the second quarter of 2006, as they responded forcefully to sharp spikes in equity volatility in late May and early June.

UBS, which had the largest value-at-risk in Risk's VAR rankings for 2005 (Risk July 2006, pages 43-48), slashed its end-of-quarter equities VAR (10-day holding period, 99% confidence level) by 46% to Sfr159 million ($129 million) by June 30 from Sfr294 million at the end of the

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