British, Swiss authorities probe UBS

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British, Swiss authorities probe UBS
CHICAGO (MarketWatch) -- The London-based Financial Services Authority and the Swiss Financial Market Supervisory Authority said Friday that they will begin a "comprehensive independent investigation" into the events surrounding the activities of a rogue UBS AG trader who was responsible for $2 billion in losses at the Swiss bank. The agencies said they will seek "details" of the unauthorized trades, as well as "failures which permitted the activity to remain undetected." The probe will also assess "the overall strength" of UBS' controls on its investment bank.