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UBS resigns employee who operated derivatives, but it is not the first Barclays, Credit Suisse and Boldman Sachs have done the same

Large banks Wall Street are laying off theirs traders and putting algorithms in place, reported Bloomberg. The last instituition to do this is UBS, the largest Swiss bank, which fired David Gallers, tradinghead of CDS (Credit Default Swaps), putting an algorithm using mathematical models to define purchases and sale before commanded by the trader.

These workers received about $2 million annual payments, and are being replaced by computer programs - which are called "future market" in both the United States and Brazil. UBS is not the first to do this kind of exchange: Barclays, Credit Suisse and Goldman Sachs have resigned profesionals to use robots in operations in these segments.

The UBS algorithm can trade about $300 million in a single transition and is operating since lat month. The program can decidede the price to play and receive per transaction according to a number of market variables that it can interpret.