SHORTS
How UBS Lost $680 Million
Plus: The Collapse of Russia's MICEX Exchange…Can You Patent a Financial Model?…Fast Track to Wall Street…Chase Tackles FX Settlement Risk

REGULATORY WATCH
FAS 133 Surprises

EXCHANGE NOTES
Liffe Fights Back

TECH NOTES
SunGard Targets Treasuries
Plus: New Products and Releases…Who Bought What?

COLUMNS
Systems Implementation in Three Months

What Really Happened at UBS?
Did poor risk management controls at UBS's equity derivatives desk destroy one of the world's most powerful financial institutions? It depends on whom you ask.

A View from Inside GED
Former employees of Ramy Goldstein's global equity derivatives group have their own perspective on how risk management functioned inside their department. Here is a composite of their views.

Excerpts from “The Fall of UBS”
By Dirk Schutz

Hedge Fund Fever
Intense competition in the hedge fund world is fueling new interest in derivatives across the board.
By Andrew Webb

Hedge Fund Start-Ups
Every derivatives trader dreams of starting a hedge fund. Here are some who have actually taken the plunge.
By Nina Mehta