A top operations executive at UBS was scheduled to speak Wednesday at the Sibos international payments conference in Toronto. His topic: settlement risk.
He has withdrawn, Securities Technology Monitor, a sister publication of American Banker, has confirmed.
The difficulty, of course, is that a 31-year-old UBS trader named Kweku Adoboli reportedly used his knowledge of the inner workings of the Zurich investment bank's back office to fake trades, first with internal parties and later with external parties.
If it had not happened already, the alleged fraud was going to break open Thursday when the settlement of trades in exchange-traded funds with external counterparties was to come due, the Wall Street Journal reported Monday.
Simon Haggerty, head of operations and managing director of the investment bank at UBS, was scheduled to speak on a Sibos panel about "settlement risk revisited: targeting total automation for trade confirmations.''
"Simon Haggerty is indeed withdrawn from the mentioned session,'' the conference organizer, Swift, said Monday.
Haggerty "currently manages securities and FX operations'' at UBS' investment bank, according to his biography. "He is responsible for the ops relationship with the equities business, and also oversees operations cross-product client service."
UBS had not responded to a Monitor inquiry on the withdrawal as this story was posted.
To catch up on the rogue trader scandal, see American Banker's
