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‘I would rather buy tomorrow’: UBS head of FX

'I would rather buy tomorrow': UBS head of FX

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.

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"I think on a risk/reward basis, I would rather buy tomorrow on good news than to take the risk of buying right now and thinking that the market could be down 3 to 4 percent tomorrow," he said. "And think about the fact that when the deadline occurs, it'll the be the middle of Asian trading. That's not a lot of liquidity."

(Read more: Here comes the DC shutdown: What you need to know)

Richards said that he was "quite concerned" about the budget impasse in Washington. "And I think the market is not taking it to the level of seriousness that they should."

Richards also said that he didn't like "the body language" from Washington lawmakers, and that it didn't bode well for the partial government shutdown, which he expected would happen.

(Read more: 'Significant shakedown' likely for stocks: Joe Terranova)

"I truly hope I'm wrong, but right now on a risk/reward basis I think that the bias is to the downside," he said.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.