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April 6, 2012

Can Securitization Live With Volcker?

“A corner of the bond market is working as if a strict version of the Volcker Rule were already in place. And, for now at least, that corner appears to be working rather well.”

“The rule, currently being crafted by regulators, aims to stop banks from amassing positions in financial assets with a view to making trading gains on them. Its critics say, however, that it could undermine an important activity called market-making, which is when banks hold inventories of stocks and bonds to meet customer demand.”

“‘Some observers say Wall Street used to operate with a more sober and trimmed-down version of market-making. Up until about 20 years ago, investment banks made markets without taking speculative positions, says Dennis Kelleher, president of Better Markets, an organization that supports the financial overhaul.'”

“’The Volcker Rule is not going to be the end of civilization,’ he said.”


Read full New York Times article here.

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