WASHINGTON (Reuters) - U.S. regulators are considering whether to give banks more time to comply with the Volcker rule, which bans them from gambling with their own money, Federal Reserve Vice-Chair Janet Yellen said in a November 18 letter.
With such a spectacular source of impeccably timed, if always wrong, FX trading recommendations as Tom Stolper, who has cost his muppets clients tens of thousands of pips in currency losses in the past 5 years, and thus generated the...Show More Summary
WASHINGTON (Reuters) - The Federal Reserve is weighing whether banks should get more time to comply with the Volcker rule, which bans them from trading with their own money, Federal Reserve Vice-Chair Janet Yellen said in a November 18 letter to a U.S....
``Treasury Secretary Jacob J. Lew has strongly urged federal agencies to finish writing the Volcker Rule by the end of the year -- more than a year after they had been expected to do so -- and President Obama recently stressed the importance of the deadline.''
As regulators close in on a final draft of the Volcker rule, some officials say it should be re-proposed.
Regulators are expected to receive a final draft of the so-called Volcker rule as early as this week and could vote on the regulation next month, according to government officials and other people familiar with the matter.
$$$ Volcker Rule to Curb Bank Trading Proves Hard to Write [WSJ] $$$ Carl Icahn says in CNBC interview he bought ‘quite a bit’ of Apple stock today [CNBC] $$$ Former Goldman Sachs Ping-Pong Star Is Keeping Busy [Bloomberg View] $$$ Citi Plans to Lay Off 2,200 in Mortgage Unit [FBN] $$$ Home Depot Is… Continue reading » Follow Dealbreaker on Twitter or become a fan on Facebook.
In the post-crisis tribulations, after being very close to the administration, JP Morgan started campaigning against some aspects of the new financial regulation. Its favorite target was the Volcker rule that restricts the type of investments banks can trade for their own account. Show More Summary
How much inventory in stocks and bonds — i.e, how much risk — should brokers and market makers be allowed to carry on their books? This question, part of the last few years’ regulatory debates, turns out to matter for the fast-growing exchange-traded fund industry. That’s the notion this morning over at Credit Suisse (CS), [...]
``In particular, top presidential aides have highlighted the failure in putting the Volcker Rule into effect. It would prohibit banks from risking institutional money in certain speculative investments. Last month, Jacob Lew, the Treasury...Show More Summary
Volcker Rule Still Sitting in Limbo
Dodd-Frank, the Volcker Rule, and other bank regulations have been ongoing and increasing in the years after the great recession. Now we have a new communication from the Federal Reserve calling for the top eighteen large U.S. bank holding...Show More Summary
NEW YORK (Reuters) - Goldman Sachs Group Inc has slashed its capital pledges to investment funds by nearly half since the Volcker rule was signed into law in 2010, as it prepares its principal investment business for restrictions on investing its own m...
It's official. Goldman Sachs has inaugurated the second stage of Wall Street's development after Dodd-Frank and the Volcker Rule. The first post-reform stage was the transformation of proprietary trading units into market-making trading units. Before Volcker, Wall Street firms risked their own capital trading securities with counterparties. Show More Summary
There has much commentary (see this as a smart example) on the scathing Senate hearings on JPM and the London Whale last week. I wanted to take a moment to throw out a few ideas that relate to JPM’s embarrassing moment int he spotlight (again). The TBTF giant banks want to eat their cakes and have it, too. These publicly...Read More
``"JPMorgan's chief investment office increased risk by mislabeling the synthetic portfolio as a risk-reducing hedge when it was really involved in proprietary trading," said Senator John McCain of Arizona, the panel's top Republican. ''
The risky “London Whale” trading loss JP Morgan Chase reported last May was the result of a risky proprietary trade that should be banned by the Volcker Rule, a bipartisan Senate report alleged Thursday. The Volcker Rule would ban most proprietary trading, which is done with a bank’s own money only to turn profit, at [...]
A key issue in today’s Senate hearing on the J.P. Morgan London Whale trades is going to be the Volcker Rule.
More evidence the Dodd-Frank reform law was an exercise in futility as Reuters reports Goldman Sachs may have already found a work around. Under the new law investment banks such as Goldman Sachs are supposed to be prohibited from making risky private equity investments under the Volcker Rule. Show More Summary
The Volcker Rule — a part of the Dodd-Frank financial reform law that is meant to rein in risky bank trading — is on the verge of being delayed, again, as regulators squabble over its exact parameters. Wall Street banks and congressional Republicans, after successfully watering down the Volcker Rule when Dodd-Frank was being debated, [...]