Bankers question definition of 'prop trading' at Senate Volcker rule hearing
In the second hearing on the so-called Volcker rule, the Senate Banking Committee received testimony from Gerald Corrigan, chairman of Goldman Sachs, who claimed no more than 10% of the bank's revenues come from proprietary trading. He also warned a clear delineation of proprietary trading would be vital to any new powers and suggested regulators already have the tools they need to tackle reckless institutions individually.
“There are many important definition details that still need to be
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