Adoboli’s Fate Decided at Wine Bar as UBS Market Bets Unravelled

he (Adoboli) and Hughes, then in their mid-20s, with 30 months of trading experience between them, were running a $50 billion trading book at the ETF desk. .... Wow lol...
 
That is almost certainly a typo
Should be $50 MILLION

This particular goofball (both are goofballs) had no concept of risk control...as his personal spreadbetting a/c in which he lost nearly $200,000 indicates

Basically instead of taking a small loss, he went full tilt/revenge trading to try to make back the loss

Quote from DB9:

he (Adoboli) and Hughes, then in their mid-20s, with 30 months of trading experience between them, were running a $50 billion trading book at the ETF desk. .... Wow lol...
More...
 
Quote from running_bare:

That is almost certainly a typo
Should be $50 MILLION

This particular goofball (both are goofballs) had no concept of risk control...as his personal spreadbetting a/c in which he lost nearly $200,000 indicates

Basically instead of taking a small loss, he went full tilt/revenge trading to try to make back the loss
More...

No typo. He lost $2B on a $50MM book? lol.
 
By the sounds of things, the UBS London risk management systems were appalling. I've traded at small private prop firms with better controls than what this.

Also, this kid was trading for just 30 months and was given this size to handle?
 
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