Click on title to read full article Culture created UBS Rogue Trader but he will not be the last!   A few weeks ago the world heard of yet another rogue trader at UBS, with the bank picking up the tab to some $2.3bn, estimated loss, but this could rise as more details emerge. This is just another rogue trader story, on the back of the many others, from Nick Leeson at Barings Bank through to todays UBS, but believe me there were more before Leeson. What is plain to me is that rogue traders are a fact of life in financial markets and no amount of rules, risk systems or controls will be enough to prevent the next one and the next one after that and so on.  With this in mind a fresh look is required at why and how these instances of fraud materialise and to find new methods to minimise the number rogue traders and limit the damage they cause... Are Compliance Officers Now Plugged into Mobile Phone Regs? Compliance officers at City firms were certainly out in their droves this week at a call recording, fraud detection and analytics event hosted at by Business Systems a recognised UK leader in phone recording for compliant purposes. A key highlight ... Investment Banks ‘Turning Backs' on Mobile Phone Taping Regs With the UK's Financial Services Authority (FSA) announcing on 11 November the removal of the current exemption to record mobile call conversations by City traders and other client-facing staff, investment firms appear to be turning their collective backs on the new regulations in the area and showing resistance... The lack of leadership in the financial markets  At a recent conference the sorry state of leadership and decision making capability in today's financial markets was perfectly illustrated. FIX Protocol Limited (FPL) did an outstanding job in assembling many of the leading organisations and leading practitioners to debate plenty of the problems ailing today's financial markets. But at the end of the day I was left asking where was the real leadership and who or what organisation is really tackling the problems and would be able to introduce solutions for implementation ... Sants or Sinner at the FSA? Hector Sants has announced his departure from the FSA after three monumental years that has seen the finance industry almost collapse and with politicians taking a direct role in saving the UK banks. The fact that this scenario had to be played out casts a shadow over the regulatory capability of the FSA and of course... Trade Reporting; all at sea You would have though that trade reporting would be a simple thing with the regulatory organisation specifying what they wanted reported, by what medium, by whom and when but this is all too simplistic for today's markets. A discussion with one of the UK's top firm's compliance officers this week opened my eyes to the sheer lunacy of ... MiFID fails to deliver  Latest surveys are beginning to show clearly that MiFID is failing to achieve one of the most important objectives of reducing investor costs. One survey might be wrong but when the results are consistent we can rely on the overall picture it is presenting. MiFID was always going to be... Be prepared for the regulatory Tsunami The analytical period for the world’s worst financial crisis is well underway and due to the depth and breadth of the many problems that need to be overcome, the success of this analysis will be vital in... The Banking Crisis and the Lost Trillions The UK and US Governments have been plying billions of capital into the banking sector that will in time amount to trillions of dollars. All this in an attempt to kick start normal lending and borrowing of banks in the hope...

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