A former UBS trader accused of unauthorised dealing that cost the Swiss bank $2.3 billion (1.4 billion pounds) will spend Christmas in prison after being given more time on Tuesday to consider his plea.
Kweku Adoboli, 31, who worked as a director of exchange traded funds, had been expected to enter pleas over two charges of fraud and two of false accounting when he appeared at London's Southwark Crown Court.
But his lawyer Paul Garlick said the defence needed more time to examine the case after Adoboli changed his legal representatives last week.
I am certainly not satisfied that he has received adequate legal advice, Garlick told the court.
Judge Alistair McCreath adjourned the case to January 30 and said he would not accept any further delays. This is it. The case will go ahead on that day whatever (happens).
Adoboli, wearing a charcoal suit, white shirt and dark tie, replied Yes, sir before being led out of the dock by guards to go back to prison. He has been in custody since his arrest on September 15.
UBS said it had uncovered rogue trades that took place between October 2008 and December 2010.
Oswald Gruebel resigned as UBS chief executive in September, saying the losses had shocked him deeply and that the bank needed a new leader.
Adoboli, the British-educated son of a retired United Nations official from Ghana, was arrested in London.
At a previous hearing, his lawyer said Adoboli was appalled at the scale of the consequences of his disastrous miscalculations.
Adoboli last week switched legal teams ahead of his court appearance. London law firm Bark & Co, which specialises in fraud cases, said on Friday it was now representing him.
Kingsley Napley, which had until then been representing Adoboli, confirmed it was no longer working on the case. A spokeswoman declined to say why Adoboli had parted company with the law firm.
(Editing by Mark Potter and David Cowell)