Million-Dollar Traders Replaced With Machines Amid Cuts
"UBS AG (UBSN), Switzerland’s biggest bank, fired its head of credit-default swaps index trading, David Gallers, last week, with no plan to fill the position, according to two people familiar with the matter. Instead, the bank replaced Gallers with computer algorithms that trade using mathematical models, said the people, who asked not to be identified because moves are private. "
Its like the Reese's Peanut Butter Cups. Two great tastes that taste great together ...credit default swaps and algorithmic trading!
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