'Counterparty' is such a bandied about term nowadays. So I just, you know, I kinda just don't use 'em.
According to [Crown Prosecution Service's Sasha] Wass, William Steward, an accountant in the UBS back office, "must have felt that he had been hit by a steam roller" after he received an email from Adoboli on Sept. 14 last year revealing his actions. She said Steward had three conversations that morning with Mr. Adoboli about the trades, and wanted to know who the counterparties were. In the email, Mr. Adoboli wrote: "First of all, the ETF trades that you see on the ledger are not trades that I have done with a counterparty as I have previously described...I used the bookings as a way to suppress the PnL losses that I have accrued through off book trades that I made". [WSJ]