Moving the goalposts: EU fights over prop trader rules

French proposals could drive larger non-banks out of fixed income futures and options

France has an abundance of many things – beautiful coastline, good food and large-scale industrial action, for example – but when it comes to principal trading firms, the country is a desert. Only two prop shops are headquartered in France, and both are subsidiaries of banks.

The main reason for that is the French capital regime, which applies tough bank rules to all traders. Now, in the context of a debate on European capital requirements for principal traders, the industry claims French

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