The City bars where nobody knows your name – or how much you’ve lost | Business | The Observer
Over in Shoreditch, east London, on Friday night – at the Conran-designed Boundary complex of restaurants and bars which Adoboli loved – mention of the trader’s name prompts the kind of vacant expression that is usually the preserve of an investment banking compliance officer.
“Don’t know him from Adam,” shrugs one member of staff. “Mind you – I might recognise him the next time he comes in.”
So it is left to one trader enjoying an end-of-the-week drink to explain how local “rogues” can hide.
“You can usually cover up rogue trades for about two weeks,” he says. “When the compliance department calls to say that the client you’ve booked the trade for has ‘DK’ed you [City slang for “doesn’t know”], you can say you’ll check your records as there may have been a mix-up. You can then book it under somebody else’s name, but if you can’t square the position before being DK’ed again they [compliance] will be back. You’ve got about a fortnight.”
Strange Random Banks Quote:
- How Did the UBS Rogue Trader Lose $2 Billion? – CNBC (exitbusiness.wordpress.com)
- UBS Says Rogue Trading Losses Are Closer to $2.3 Billion (nytimes.com)
- ‘Rogue trader’ losses climb to £1.5bn (independent.co.uk)
- Kweku Adoboli, Delta One Trader at Swiss Bank Ubs, Jailed in London Over 2-billion-dollar Trading Losses (radical8.com)
- ‘Fictitious’ hedges see UBS rogue trader losses climb to $2.3bn (telegraph.co.uk)
- The arrest of a rogue stock trader at UBS (robbiz1978.blogspot.com)
- UBS: Losses from rogue trader much higher than originally reported (shortformblog.tumblr.com)
- Police charge Adoboli as rogue trader in UBS scandal (usatoday.com)
Posted on September 19, 2011, in Article and tagged Adam, Dorothy Parker, Exchange-traded fund, Investment banking, Investment Banks, London, Rogue trader, Shoreditch, UBS, United States, University of Nottingham. Bookmark the permalink. Leave a comment.