UBS rogue trader: Investigations focus on fictitious hedges

Whocouldaknode??? -- ``"This isn't just spookily similar to Soc Gen. It is exactly the same," said one source with knowledge of the situation. It is thought a trader was able to circumvent UBS's risk-management systems by creating fictitious trades that made the bank's computer systems believe that the positions taken had been "hedged" to mitigate potential losses when in fact they had not been. ''