An equities trader accused in a fraud scheme that allegedly cost Swiss bank UBS $2 billion has been ordered held in custody by a British court.

The presiding magistrate said Friday that Kweku Adoboli will be jailed until another court appearance next Thursday.

The 31-year-old Adoboli faces one charge of fraud by abuse of position and two charges of false accounting, one of which dates back to 2008. He was arrested Thursday.

UBS said the actions of the suspected rogue trader could cause an overall third-quarter loss for the giant bank this year.