UBS executive fined for negligence

Hong Kong's securities regulator has reprimanded UBS employee Winnie Pang Wai-Yan and fined her HK$120,000 ($15,500) for negligence in handling a client’s trade orders. In December 2009 a client of the Swiss bank wanted to sell his shares in a stock to an identified buyer at agreed amounts and prices through manual cross trades. Instead of placing cross trades as initially instructed by the client, Pang coordinated with the buyer to conduct a series of on-exchange matched trades b…