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Volcker rule: special focus

Probably the single most controversial post-crisis piece of financial regulation, the Volcker rule has been blamed with hampering liquidity and has been criticized as virtually unenforceable. Now, US lawmakers have the rule in their cross hairs.

Financial regulation: special focus

Donald Trump: special focus

Macaskill on markets: Goldman takes pole position for Volcker Rule 2.0

June 2018


Goldman Sachs delivered strong first-quarter trading results that were followed by a reorganization of the management of its securities division.

Sideways: Wall Street’s Washington takeover

June 2018


The coming move towards a Volcker Rule 2.0 that relaxes monitoring of proprietary risk taking by bank dealing desks has been portrayed as a result of president Donald Trump’s administration finally placing its preferred officials in key regulatory positions.

Regulation: Volcker rules don’t apply

May 2017

On April 21, Donald Trump directed his treasury secretary, Steven Mnuchin, to begin the administration’s long anticipated attack on the Orderly Liquidation Authority, created as part of the 2010 Dodd-Frank Act to ensure the smooth management of US banks at risk of failure.

Macaskill on markets: Trump’s top banks set off Volcker rule alarms

May 2017


Goldman Sachs badly underperformed other US banks in first-quarter fixed income results, setting off a frenzy of speculation about trading positions that could have led to the disappointment.

Regulation: The Fed means business on the Volcker rule

May 2017


The central bank found a way to enforce the rule just before lawmakers attempt to dismantle it.

Regulation: Volcker rules don’t apply

May 2017

On April 21, Donald Trump directed his treasury secretary, Steven Mnuchin, to begin the administration’s long anticipated attack on the Orderly Liquidation Authority, created as part of the 2010 Dodd-Frank Act to ensure the smooth management of US banks at risk of failure.

Paul Volcker 

Not enough trade for Volcker

January 2014

Will Paul Volcker, author of the rule that has banned banks from proprietary trading, now stand up, perhaps beside Gary Gensler, recently departed head of the Commodity Futures Trading Commission, and lambast banks for not trading enough?

The Volcker rule: a modest proposal

December 2013

The final version of the Volcker rule is unlikely to give posterity phrases that echo through the ages in the style of the King James Bible, but the details of its wording are important to financial market participants, which helps to explain the extended bickering.

The Volcker rule: Five things you need to know

November 2013

In an exclusive interview, a former drafter of the Volcker rule explains why, in its current trajectory, the flagship regulation will fail to distinguish legitimate market-making and proprietary risk-taking while banks sound the alarm on compliance costs, hit to earnings and extraterritoriality concerns.

Here comes the great bond liquidity drought

September 2013

Liquidity in the world’s bond markets has reached crisis point. Investors can no longer rely on banks to provide a crucial intermediary function in secondary markets. It’s now time that investors took responsibility and did something about the liquidity challenge themselves. Failure will be disastrous for global financial markets. Euromoney investigates.

To Paul Krugman's chagrin, Volcker and the BIS swim against the deflationary tide

May 2013

Before lambasting Paul Volcker and the Bank for International Settlements for sounding the alarm over the inflationary impact of lax G7 monetary policy – even in the face of a deflationary cycle – take a moment to consider the defence.

Confusion clouds derivatives industry amid Dodd-Frank attack

March 2013

Considerable uncertainty is vexing derivatives players amid a raft of questions over the Dodd-Frank regime. The exact details of the rules pertaining to margins, trading, cross-border dealings and the Volcker rule remain ambiguous, with final rulings yet to be published. No one can predict the net cost of this new regulation but derivatives players are still quaking in their boots.

Bank of England governor Mark Carney

Mark Carney: Finance’s new statesman

October 2012

Regulators have regained their reformist muscle in the shape of Mark Carney, Bank of Canada governor and chairman of the Financial Stability Board. In a wide-ranging interview, Carney talks about recent banking scandals, the Volcker rule, and why fears about Basel III are wide of the mark.

Regulation: JPMorgan’s trading loss proves Volcker rule won’t work

May 2012

JPMorgan’s several-billion-dollar trading loss has certainly shredded the credibility of chief executive Jamie Dimon’s criticisms of bank regulators. It is also more likely to discredit the Volcker rule’s efficacy than support it, say market participants.

Volcker rule ‘to create competitive disadvantages, risk transfer and regulatory arbitrage’

October 2011

Experts say US investment banks will be at a competitive disadvantage if the rule is made legal, regulatory arbitrage will be likely, and the proposed paring down of quotas for hedge fund and private equity clients will lead to a transfer of risk.

Volcker rule to cull bank profits, jobs and increase bank bailouts

October 2011

Experts say the proposed ruling will eat into bank profits, cause a wave of job losses on Wall Street and increase the chances of bank recapitilizations.

Proprietary trading: Volcker rule starts to shake out prop trading

September 2010

With 29,000 employees in the investment bank, JPMorgan’s decision to shut down a division staffed by just 20 would not normally cause a stir. That business, however, is a commodities proprietary business, making JPMorgan the first large bank to show signs of submitting to the Volcker rule.

Private equity: What Volcker rule?

July 2010

With public markets shaky, there is demand for private equity, and banks want to be in on it despite regulatory threats.

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