Introduction: UBS AG, headquartered in Zurich, Switzerland, is a global financial services firm present in all major financial centers in over 50 countries. UBS currently has over 65,000 employees across three core businesses: Wealth Management for high net-worth individuals (HNWI) and ultra-high net-worth individuals (UHNWI), Global Asset Management and Investment Banking. UBS AG was formed in July 1998 through the merger of Union Bank of Switzerland and Swiss Bank Corporation. UBS has an extensive presence within the United States and is subject to all applicable laws and regulations including Sarbanes-Oxley…
Internal Auditing of Trading Positions: UBS internal risk compliance team was conducting routine examinations of the firm’s trading positions and pending trade settlements. The current focus was on the firm’s elite equity derivatives trading desk in London known as Delta One. This desk had become an increasingly important profit center for UBS and engaged in numerous trading activities on behalf of clients and the firm. One such task was index arbitrage in which large market-neutral positions are established to exploit small price discrepancies between stock indexes and index futures contracts…
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