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Trader faces two counts of fraud

The trial of a City trader accused of losing £1.4 billion while working for Swiss Bank UBS is due to begin.

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Adoboli in danger of losing UBS billions

UBS set a daily trading limit for the exchange traded funds desk of 100 billion US dollars (£61.5 billion) and also used hedging to reduce risk - for example buying one type of investment and simultaneously selling a similar one to mitigate any loss.

Prosecutors claim Adoboli failed to hedge several of his investments in order to make a bigger profit for the bank and larger bonus for himself.

At one stage Mr Adoboli was in danger of losing the bank nearly 12 billion US dollars (£7.4 billion) of unhedged investments.

– PROSECUTING, SASHA WASS QC

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