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Swiss and British financial regulators have launched an independent probe into how Swiss banking giant UBS could have incurred $2 billion in losses through rogue trading, Swiss authorities FINMA said.
The investigation will be conducted by a third party firm independent of UBS and will look at the details of the unauthorised trading, the control measures that allowed the fraud to remain hidden, and make an assessment on the strength of the bank’s controls to prevent fraudulent trading in its investment bank, said FINMA.
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