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Kweku Adoboli: What Was It He Actually Did?

WHAT did “rogue trader” Kweku Adoboli actually do? Well, other than lose UBS a couple of billion that is?

At this point our real problem is that we don’t in fact know what is was that he did wrong in order to get into this mess: but something stupid almost certainly. In a little bit of a surprise for those like me who think that the lefties at The Guardian are entirely ignorant not just of finance but of basic numeracy, their reporting today is rather better than that of the Telegraph’s.

Anyway, let me try to put together a guide to some of the jargon for you. All that ETF, Delta-1, futures, options, market making and the like. And let’s stick with something simple, gold, to use as our explanation.

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Posted: 16th, September 2011 | In: Key Posts, Money | Comment