Kweku Adoboli, the UBS trader alleged to have lost UBS $2bn (£1.3bn) in unauthorised trading, has appeared in court in London charged with fraud and false accounting.
He has been remanded in custody until a committal hearing on 22 September.According to the charges, the fraud took place between January and September this year.
UBS is expected to provide more details of Mr Adoboli's trading by Monday morning.
The charges add that Mr Adoboli filed false accounts between October 2008 and December 2009, and from January to September 2011.
The 31-year-old worked for UBS's global synthetic equities division, buying and selling exchange traded funds, which track different types of stocks or commodities such as precious metals.
Prosecutors say Mr Adoboli "dishonestly abused that position intending thereby to make a gain for yourself, causing losses to UBS or to expose UBS to risk of loss".
Political pressure BBC business editor Robert Peston reports that Mr Adoboli worked in the back office before becoming a trader, which may explain how he managed to keep his trading secret.
"This revelation, that it may have been almost impossible for UBS to spot Mr Adoboli's unauthorised dealings at an early stage, is expected to reinforce political pressure in Switzerland for UBS to hive off its investment bank," our correspondent said.
The Financial Services Authority (FSA), the City regulator, is investigating why the Swiss bank did not identify the trades.
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