Bankers question definition of 'prop trading' at Senate Volcker rule hearing

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Senior bankers and academics have questioned the feasibility of new rules to prohibit US bank holding companies from engaging in proprietary trading, pointing to the difficulty of defining the activity and the limited impact such a ban could have as a systemic risk mitigant.

In the second hearing on the so-called Volcker rule, the Senate Banking Committee received testimony from Gerald Corrigan, chairman of Goldman Sachs, who claimed no more than 10% of the bank's revenues come from proprietary

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