The largest US banks were facing a new world order yesterday as regulators voted through the Volcker rule, which will make it harder for Wall Street to make risky gambles that could again endanger the financial system.
The rule reins in the way banks do business, banning them from making bets using their own accounts in what is known as proprietary trading, and also holding their chief executives more accountable.
How agencies implement the rule will be key in determining whether it can prevent another incident like the $6bn-plus “London Whale” derivatives trading loss JPMorgan suffered in 2012.
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