Dodd-Frank Bill

Wall Street banks will have two years to implement the so-called Volcker rule so long as they make a “good faith” effort to comply with the ban on proprietary trading, U.S. regulators said. Banks will get the “full two-year period” provided by the Dodd-Frank financial overhaul law to “conform” their activities and investments, the Federal Reserve and four other U.S. agencies said in a statement today. The Fed has the authority to extend the period of compliance beyond July 21, 2014, the regulators said. “A lot of sweating brows at big banks are a lot drier today,” said Karen Shaw Petrou, a managing partner at Federal Financial Analytics, a Washington research firm whose clients have included Wells Fargo [Bloomberg]

Regulators overseeing financial reform are delaying many of the planned changes in the immense market for complex securities known as derivatives because they are running drastically behind schedule in writing their new rules. The Securities and Exchange Commission said on Wednesday that market participants would not have to comply with many aspects of derivatives reform scheduled to take effect in mid-July. It declined to specify how long the delay would be in the equity derivatives it oversees. [NYT]

  • 07 Jun 2011 at 2:37 PM

Barney Frank Will Not Be Bought By Wall Street!

The Congressman from Massachusetts is fine with SIFMA holding a $1,000/seat fundraiser for him but his spokesman wants to make it clear that “if Wall Street is trying to buy influence with him, it has been a dramatic failure.” Consider yourselves warned. [MarketPlace]

$123 million and a just under 800 people should do the trick. Read more »

With the passing of the Dodd-Frank Bill, one pesky thing that banks have had to spent a couple hours getting in line with is the Volcker Rule, and what it means for their proprietary trading desks. Whether to spin them off, send the employees to a farm in the country where they can run around, move them to the basement or just rename the group the ‘troprietary prading’ unit, about which no one will be the wiser, the whole thing has been a bit of a headache. One person who hasn’t lost any sleep over the mandate, however, is Vikram Pandit. Because unlike his counterparts at say, Goldman, who’ve clutched their pearls and felt faint at the thought of a world without prop, Vickles got behind the rule before it was even a twinkle in Volcker’s eye. Read more »

  • 21 Oct 2010 at 10:32 AM

Goldman Prop Team Moves In With Henry Kravis

The Principal Strategies group has a new home starting in January. Read more »

And they said it couldn’t be done! Read more »