Volcker rule offers good news and bad on hedging


Banks will not be allowed to engage in portfolio hedging under the terms of the Volcker rule, agreed yesterday by five US regulators – but they will be allowed to hedge risks on a portfolio basis. That awkward distinction makes the final rule tougher than the version proposed in October 2011, regulators claimed yesterday, but lawyers are dismayed at the lack of detail added to the statute after three years of work and 18,000 comment letters – the final rule adds just four words on the topic to

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