US banks get stay on Volcker rule

fedres

The Federal Reserve has granted banks in the US a partial stay on the Volcker rule, giving them two more years to divest their holdings of collateral loan obligations (CLOs), securities that pool together leveraged commercial loans.

The central bank said yesterday it would give banks until July 21, 2017 to "conform their ownership interests in and sponsorship of CLOs" – a subset of the collateralised debt obligations (CDOs) made infamous by the financial crisis – to "ensure effective compliance"

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