The UBS trader who is alledged to have lost £1.3bn through unauthorised trading has been charged with fraud.
Kweka Adeboli was arrested in the early hours of Thursday morning and is due to appear at the City of London magistrates Court this afternoon.
Adoboli is accused of carrying out unauthorised deals while working for UBS.
UBS has said the move could lead to the bank reporting a loss for the third quarter of 2011 but added that no client positions were affected.
The FSA is investigating why the Swiss bank did not identify the trades