FT on Morgan Stanley prop trading

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Financial regulators moved towards tough prescriptions on banks’ trading activity on Tuesday, which could push more activity out of Wall Street, swell back office costs and force chief executives to swear personally that their compliance systems are adequate.

Morgan Stanley is the latest of several banks to announce a spin-off of proprietary trading divisions in advance of new rules that stem from the Dodd-Frank financial reforms that were passed last year and include the “Volcker rule” that bans banks’ trading for their own account. Paul Volcker, the former Federal Reserve chairman, urged a strict ban.

FT.com / US / Politics Foreign policy - Tough rules backed on US bank trading
 
As Andy says, only the timing of the move is really news.

Makes applying for entry level MS jobs an interesting game.
 
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