This is an episode from our archives.  We spoke to Kweku Adoboli, the former UBS trader who went to prison for rogue trading that was uncovered in 2011. In the summer of 2018, having served his time, he spoke to us about the mechanics of marketing making and prop trading in ETFs and other Delta One products. He explained how he used proxies for volatility to hedge positions and how this can lead to hidden leverage within the financial system. He has a unique perspective of trading through the financial crisis that he is now free to discuss as someone outside of the system.