The background is that the Swiss franc has appreciated by 20% against the US dollar since the financial crisis, so many people are optimistic about the Swiss franc (digression, in fact, these people lose money in the stock market and foreign exchange market, don't buy when they are undervalued, they all stand on Mount Everest, but they are excited to buy).

Specifically, a UBS trader in the UK bought derivatives betting on the appreciation of the Swiss franc without the authorization of the company and the temptation of previous background. . .

The tragic trader had just bought derivatives illegally to watch the Swiss franc rise, and the tragedy began. The Swiss central bank suddenly intervened in the foreign exchange market and announced that the Swiss franc could not be higher than 1.2 against the euro. As a result, the Swiss franc has experienced a rare high-altitude diving. . . . . And then that buddy was tragic.

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The biggest problem reflected is the imperfection of UBS's internal control review system, followed by risk control.

After typing so much, give me more ~ ~