Disciplinary fine of EUR 40,000 for UBS for violating trade reporting obligations

Press release, January 9, 2008 

Disciplinary fine of EUR 40,000 for UBS for breaching trade reporting
obligations 

The Disciplinary Committee of the OMX Nordic Exchange Helsinki has issued UBS
Limited, United Kingdom, a disciplinary fine of EUR 40,000 for breaching the
rules on trade reporting. 

The OMX Nordic Exchange Helsinki (formerly the Helsinki Stock Exchange) was
informed on 22 of October 2007 by UBS that it had not fulfilled its reporting
obligations during a period of several months concerning an exceptionally large
number of trades and shares of listed companies on the OMX Nordic Exchange
Helsinki. 

UBS delivered a list of unreported transactions belonging to OMX Nordic
Exchange in Copenhagen, Stockholm and Helsinki. Since the main part of these
failures in reporting regarded the OMX Nordic Exchange Helsinki, the
disciplinary case was handled by the OMX Nordic Exchange Helsinki. 

Statement 
UBS admitted the breach of rules but stated that the failures were
unintentional and occurred due to several factors. UBS has taken measures to
prevent such breaches happening in the future. 

Disciplinary Committee consideration 
UBS had informed the OMX Nordic Exchange Helsinki that it had failed to report
manual trades on the Nordic Exchange in Helsinki for a period of several months
and in the case of Stockholm and Copenhagen for a period of several weeks. The
unreported trades represented considerable trading volumes. The information
concerning these trades was, as such, not available in a timely manner to
market participants, to investors or the trading surveillance of exchanges. 

The main rule on reporting time states that manual trades must be reported
immediately, however, no later than five minutes from the time of the trade.
This rule promotes market transparency, providing market participants,
investors and market surveillance with essential information. 

The Disciplinary Committee views trade publication as one of the central means
of creating transparency in trading. Investors are entitled to expect that all
reportable trades are reported by the members according to the valid rules.
Further, following rules on trade reporting ensures a level playing field for
all market participants. 

The Disciplinary Committee states that there was no indication that the
breaches were intentional or had the purpose of influencing the price
structure. Despite this, it is the conclusion of the Committee that the
breaches were severe due to the volumes of unreported trades and the systematic
nature of failing to report them. The Committee considered that UBS had thus
seriously breached Norex Member Rule 5.6.1 by not reporting manual trades in
time. 

When considering a sanction it was taken into account that UBS itself had
reported the matter to the exchange and had been proactive in providing the
exchanges with information on the unreported trades. UBS has also described how
its reporting processes will be enhanced in order to prevent future failures. 
 
Decision 
The Disciplinary Committee issued UBS Limited with a warning and orders UBS
Limited to pay a fine to OMX Nordic Exchange Helsinki of an amount
corresponding to EUR 40,000. 

For further information, please contact: 
Timo Rintanen, Secretary of the Disciplinary Committee		 +358 9 6166 7640 


OMX Nordic Exchange Helsinki donates its disciplinary fines to a foundation
that sponsors research related to securities markets in Finland and Sweden. 

Further information about the Disciplinary Committee and its members, as well
as the regulations of the Disciplinary Committee, are available on the OMX
Nordic Exchange website at www.omxgroup.com/nordicexchange. 


Surveillance of the OMX Nordic Exchange Helsinki 
The surveillance unit of OMX Nordic Exchange Helsinki investigates all
suspected breaches of regulations. Minor breaches will result in written
criticism of the company, whereas more serious cases are referred to the
Disciplinary Committee. The members of the Disciplinary Committee are legal and
financial experts independent of OMX Nordic Exchange Helsinki. The Chairman of
the Committee is Mr. Mikko Tulokas, Supreme Court Justice, and the members are
Professor Risto Nuolimaa, Professor Kalervo Virtanen and Mr. Simo-Pekka
Helander LL.M.