Big banks claim to be ready for Volcker
Industry tying up 'last loose ends' with ban to begin on July 21
Large US and non-US banks claim they will be ready to comply with the Volcker rule's proprietary trading ban when it comes into force tomorrow (July 21). Compliance depends on banks' own reporting of seven metrics intended to flag banned trading, and the industry has been sending these reports to regulators for the past year.
“Volcker is not going to be a big bang of any sort for US banks. The regulators have already been receiving metrics from us since July last year so the agencies have been
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