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September 5, 2012

Reuters – Volcker rule liquidity carveout stirs fears of next Whale trade


“Banks are urging U.S. authorities to broaden a little-noticed exemption in the Volcker rule’s trading curb that critics say could blind regulators to the next version of the JPMorgan Chase & Co Whale trade.

The forthcoming Volcker rule to curb proprietary trading is one of the most hotly debated measures called for in the 2010 Dodd-Frank financial reform law.”….

Mark Jarsulic, chief economist at Better Markets, a reform advocacy group, isn’t buying the banks’ argument and said the proposal already gives banks too much authority to dictate what trades provide liquidity.

Read Alex Alper’s full story here

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