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Regulators criticise Volcker Rule
12 January 2012
The proposed Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule, has received a fresh wave of criticism for being too complex and having a potentially negative effect on foreign markets. Stephanie Baxter reports
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Volcker Rule
US Commodity Futures Trading Commission
Japanese Financial Services Agency
Several global regulators have spoken out against the consequences of the US Volcker Rule on foreign equities and market makers. The rule, which attempts to prohibit proprietary trading, has been hugely controversial since it was proposed under Section 619 of the Dodd-Frank Act.
Commissioner Scott O’Malia of the US Commodity Futures Trading Commission (CFTC) said in a forceful statement on Wednesday that the proposal is “overly complex” and “falls short of providing the appropriate foundation for a rigorous and reliable rulemaking process”.
O’Malia made the statement following the Commission’s consideration of the proposal to implement...
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