The head of UBS's global cash equities business today recounted how Kweku Adoboli had his "head in his hands" but spoke "coherently and logically" as he outlined his huge trading positions and how he had built them up, on September 14 last year.

Philip Allison, who was head of global cash equities at the time of UBS reporting a £2.3bn unauthorised trading loss in September last year and still holds the same role at the Swiss bank, was today giving evidence for the prosecution in the criminal case brought by the Crown Prosecution Service against Adoboli.