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Economy
In reply to the discussion: Weekend Economists and the Accidental President December 13-15, 2013 [View all]Demeter
(85,373 posts)48. U.S. finalizes Volcker rule, curbing Wall Street's risky trades
http://www.reuters.com/article/2013/12/11/us-financial-regulation-volcker-idUSBRE9B705120131211
U.S. banks will no longer be able to make big trading bets with their own money after regulators finalized on Tuesday a rule shutting down what was a hugely profitable business for Wall Street before the credit crisis.
The measure known as the Volcker rule was a late addition to the 2010 Dodd-Frank Wall Street reform law and seeks to ensure that banks can't make speculative trades that are so large and risky that they threaten individual firms or the wider financial system.
Banks had hoped to substantially soften the rule, but JPMorgan's $6 billion trading loss in 2012, dubbed the "London Whale" because of the huge positions the bank took in credit markets, motivated regulators to devise a tough version.
After more than two years crafting the complex reform, five regulatory agencies signed off on the roughly 900-page rule with new narrower exemptions for legitimate trades...
U.S. banks will no longer be able to make big trading bets with their own money after regulators finalized on Tuesday a rule shutting down what was a hugely profitable business for Wall Street before the credit crisis.
The measure known as the Volcker rule was a late addition to the 2010 Dodd-Frank Wall Street reform law and seeks to ensure that banks can't make speculative trades that are so large and risky that they threaten individual firms or the wider financial system.
Banks had hoped to substantially soften the rule, but JPMorgan's $6 billion trading loss in 2012, dubbed the "London Whale" because of the huge positions the bank took in credit markets, motivated regulators to devise a tough version.
After more than two years crafting the complex reform, five regulatory agencies signed off on the roughly 900-page rule with new narrower exemptions for legitimate trades...
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