What?
What has happened? Swiss bank UBS is in a lot of trouble after it was found that one of its workers lost US$2.3 billion.
What is a rogue trader? A rogue trader is a stock trader who makes trades for his employer (in this case UBS) he is not allowed to make.
What is an ETF? Exchange Traded Funds is what the trader used to make trades. They are funds which track an index, rather than stocks.
Who?
Who are the main players? UBS is a Swiss banking giant that has been battered by the financial crisis and a fight with the US over tax evasion. Just as the bank was setting its house in order, disaster struck.
Who is the rogue trader? Kweku Adoboli is a British citizen who was born in Ghana. He was arrested on his 31st birthday for rogue trading. He was head boy of his school, Ackworth School. He graduated from the University of Nottingham, where he studied computer science and management.