UBS Group AG said it managed to offset the effect of tougher rules on its trading operations which Switzerland had introduced earlier than other major jurisdictions.
Implementing the so-called fundamental review of the trading book part of the Basel III regulations inflated the Swiss lender’s risk-weighted assets by $9 billion, UBS said on Tuesday. It almost completely neutralized that effect with a reduction in operational risk and credit risk, the bank said. UBS had $500 billion in risk-weighted assets at the start of the year.