UBS debacle highlights dangers of ETFs
FOUR HIDDEN RISKS
Terry Smith
City financier Terry Smith has been a long-standing critic of exchange-traded funds (ETFs). Here he explains why the latest rogue trader scandal, which is reported to have cost UBS $2bn, shows the hidden dangers of ETFs.
The losses of $2bn incurred by an allegedly rogue trader on the Delta One desk at UBS have again raised the subject of the (lack of) risk controls by banks dealing in opaque instruments, the need to separate...
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