Top dealers slash equity exposures in second quarter


Most of the world's biggest market risk-takers slashed their equity market exposures in the second quarter, 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 2005* (see Risk, July 2006), 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 first quarter. Its average

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