Non-US banks stunned by Volcker compliance regime
Banks will have to document the scope of every trader's activities and have chief executive sign off on Volcker compliance regime
Non-US banks that have a US branch will be allowed to engage in proprietary trading under the proposed Volcker rule text – but the exemption comes at the cost of a sprawling compliance regime that would, among other things, require each bank to provide US regulators with a list of every trader in the organisation, documenting the scope of his or her trading activity. Foreign banks are struggling
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