UBS loses complex derivatives case in High Court

December 2014

UBS sold four highly complex derivatives known as single tranche collateralised debt obligations (STCDOs) to Kommunale Wasserwerke Leipzig (KWL). KWL entered into agreements both directly with UBS and via intermediary banks Depfa Bank and Landesbank Baden-Württemberg (LBBW). The STCDOs each consisted of a synthetic portfolio of credit default swaps on which KWL “sold” credit protection to UBS in exchange for...

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UBS loses complex derivatives case in High Court

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