Guardian – Staff were said to be stunned as Adoboli and his colleagues were regarded as “stars” by their colleagues and top management.ETFs are complex financial instruments that comprise a basket of investments intended to mimic a market’s movements. They have become an area into which firms have expanded since the subprime mortgage crisis. Traders on so-called delta one desks try to make huge profits on tiny differences between prices.
The Serious Fraud Office may also become involved after it said it was “seeking discussions” with the bank, the City of London police and the FSA about how to proceed if fraud needed to be investigated. The SFO had already issued a warning about the “inherent dangers” of ETFs because of their complexity.