Investment banks continue to gamble their own money on financial markets, hiding behind clients, in a widespread practice that risks the wrath of regulators, particularly after Swiss bank UBS lost $2.3 billion in rogue-trading. The official line from most, keen not to appear to be taking the same excessive risks that led to the global financial crisis in 2008, is that what takes place on their sprawling trading floors is largely on the back of client orders. It is hard to get people working within the banks to talk about it, but traders say that much of what happens at "Delta One" desks—the focus of the UBS UBS ... (full story)