http://www.timesonline.co.uk/article/0,,630-359176,00.html

city diary
by Martin Waller
July 18, 2002

A RIVAL bank has been hacking into the website on which UBS Warburg
stores information on derivatives trading for its staff and using this
unauthorised information to assess their own market positions. It
seems someone exited the Swiss-owned bank while still in possession of
the relevant passwords.

I know which bank is implicated, but I am not going to name it, except
to say that the place has seen a lot of departures recently. The
activity in question is not illegal, merely a way of saving money, but
it is potentially dangerous.

You are using unchecked data to assess what your trading operation is
worth, a move that may not be appreciated by your compliance people or
the auditors. UBS tells me: "We take IT security very seriously. We’re
currently looking into your comments."

[...]

city.diarythetimes.co.uk

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