Despite being a supporter of the “Volcker rule”, I struggle to understand the logic of the move in the Senate to force deposit-taking banks to spin off their swaps desks.
Banks are fighting a desperate rearguard action against the proposal made by Blanche Lincoln, the chairman of the Senate agriculture committee and I think they are right in this case. Read more
The arrival of the Cameron-Clegg government in the UK promises a convergence between the US and Britain over structural banking reform.
Financial reform is currently passing through Congress, with a version of the “Volcker rule” separating out proprietary trading – however that is defined – from investment banking. Read more