Fed's Quarles
He adds:
- Regulators want simpler definitions, tests of proprietary trading to ease bank compliance concerns
- Expects US to continue to exempt certain foreign firms from vocal rule while reforms considered
- Also wants to grant foreign banks more flexibility regarding US operations
- Odds of Volcker Rule revision are pretty good
- Volcker rule proposal should come relatively soon
The Volcker Rule would prohibited any insured depository institution and its affiliates from engaging in "proprietary trading" of debt and equity securities, commodities, derivatives, or other financial instruments. It was enacted after the 2008 financial meltdown in May 2010.
