Section 619 of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act generally prohibits US commercial banks from engaging in proprietary trading, vaguely defined as taking positions in the market with their own capital with a view to scoring profits.
The Financial Stability Oversight Council, the agency tasked with implementing and enforcing many aspects of the act, is finalising the rules on proprietary trading. Meanwhile many of the biggest US banks have decided to
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