The threat of a looming government shutdown is too great a risk to make stocks a "buy," UBS Head of FX Distribution Paul Richards said Monday.
"I think the market's playing catch-up here. I think they were so focused on the Fed in September that they forgot about Washington in October," he said. "I think they're quietly hoping it's going to be good news, and I don't think they're truly pricing the bad news."
(Read more: Market has more to worry about than the shutdown)
On CNBC's "Fast Money," Richards said that the risks in the market far outweighed the potential gains.