Volcker dismisses prop trading criticism


Paul Volcker, a former chairman of the Federal Reserve, on Thursday rebutted criticism that the eponymous rule, which would see an outright ban on proprietary trading by banks, is unenforceable.

Speaking at the London School of Economics, Volcker rejected the suggestion that banks would not be able to tell when they were trading on their own books, and when they were doing so for their clients. "If you ask a trader; every trader knows," he said. "If you stand behind them [at work], you will get

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