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Thread: Regulators Finalize Stricter Volcker Rule

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    Regulators Finalize Stricter Volcker Rule

    WASHINGTON (Reuters) - U.S. regulators toughened key sections of the Volcker rule's crackdown on Wall Street's risky trades on Tuesday as they finalized one of the harshest reforms after the credit meltdown.The rule - named after former Federal Reserve Chairman Paul Volcker, who championed the reform - generally bans banks from proprietary trading, or speculative trading for their own profits.
    The final rule includes strictly defined carve-outs for trades executed to serve clients' interests or to protect against market risks, and forces banks to show regulators that they are not trying to pass off speculative bets as legitimate trades.
    Regulators are eager to prevent a repeat of trading debacles such as JPMorgan's $6 billion trading loss in 2012, dubbed the "London Whale" because of the huge positions the bank took in credit markets.
    Still, it is unclear exactly how regulators will police banks' trading activity and officials acknowledged the sprawling, 882-page rule was a complex document.
    "Many of us - myself included - had hoped for a final rule substantially more streamlined than the 2011 proposal. I think we need to acknowledge that it has been only modestly simplified," Federal Reserve Governor Dan Tarullo said.


    Read more @: Regulators Finalize Stricter Volcker Rule

    Good news. Moving in the right direction to try to get these risky practices and getting these big banks under control.


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    Re: Regulators Finalize Stricter Volcker Rule

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: Regulators Finalize Stricter Volcker Rule

    Good news. Moving in the right direction to try to get these risky practices and getting these big banks under control. [/FONT][/COLOR]
    If it is anything like the federal income tax code then it is likely to be 10 pages of rules with 872 pages of exceptions, waivers, exclusions and alternate accounting methods.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Regulators Finalize Stricter Volcker Rule

    Quote Originally Posted by ttwtt78640 View Post
    If it is anything like the federal income tax code then it is likely to be 10 pages of rules with 872 pages of exceptions, waivers, exclusions and alternate accounting methods.
    There are some exceptions in this bill but there is also a lot of new stricter regulations. None the less its a start and moving in the right direction IMO


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    Re: Regulators Finalize Stricter Volcker Rule

    Now on my "gotta' read list"....

    The official verbiage is curious .... 'not trying to pass off speculative bets as legitimate trades.' .....WTF ... all trades are speculative bets. maybe the gov. in its all knowing wisdom has re-defined market investment.

    It's only a 'kinetic' re-definition
    I hear a slow motion explosion rumbling in the distance

    Thom Paine

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    Re: Regulators Finalize Stricter Volcker Rule

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: Regulators Finalize Stricter Volcker Rule

    Good news. Moving in the right direction to try to get these risky practices and getting these big banks under control. [/FONT][/COLOR]
    Good now bring back the uptick rule, and eliminate naked shorting and I'll be happy.

    Tim-
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

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    Re: Regulators Finalize Stricter Volcker Rule

    Quote Originally Posted by TheDemSocialist View Post
    There are some exceptions in this bill but there is also a lot of new stricter regulations. None the less its a start and moving in the right direction IMO
    My friend sent me this article yesterday. I thought it was mercifully short and open minded.

    http://dealbook.nytimes.com/2013/12/...ker-rule/?_r=0

    in case you're interested to learn more..

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    Re: Regulators Finalize Stricter Volcker Rule

    Probably be like the one the Repubs passed in 2011 ending their insider trading games. You know the one they repealed in 2013.

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