UBS Financial Services Inc. and UBS Securities LLC were named alongside the parent company in an enforcement action covering violations stretching from at least 2015 through 2024. UBS relied on a third-party surveillance tool to monitor its trading activity across foreign exchange, precious metals, and credit products. The surveillance gaps weren’t limited to the faulty third-party tool. The CFTC isn’t saying UBS committed market manipulation or fraud. The nine-year duration of UBS’s surveillance failures, spanning from at least 2015 through 2024, is perhaps the most instructive detail.