Sources said UBS wanted 1 million shares, but when it did not receive confirmations, it repeated the order multiple times and was left with much more than it intended.
"Given the size of our U.S. equity business and our role as a major market maker, UBS was affected by these issues, as we believe other market participants may have been," UBS said in a written statement. "Consistent with our policy on market comments on our positions or intra-quarter performance, we are not disclosing the amount of the loss, which is not material to UBS. We are continuing to consider avenues to recover our losses in this matter, but have not yet taken legal action."
That loss is more than 10 times the $30 million that is currently being speculated in the market. The issue has to do with the failure to get confirmations and executions from the Facebook trade.
ReplyDeleteSources said UBS wanted 1 million shares, but when it did not receive confirmations, it repeated the order multiple times and was left with much more than it intended.
"Given the size of our U.S. equity business and our role as a major market maker, UBS was affected by these issues, as we believe other market participants may have been," UBS said in a written statement. "Consistent with our policy on market comments on our positions or intra-quarter performance, we are not disclosing the amount of the loss, which is not material to UBS. We are continuing to consider avenues to recover our losses in this matter, but have not yet taken legal action."