Even before Tuesday's vote, banks and their critics were preparing for fresh skirmishes over the Volcker rule, one of the most significant attempts to restrict banks' activity by prohibiting proprietary trading. Mr Frank predicted that legal challenges to delay or overturn the rule would fail because of changes last month to the Senate's filibuster rule that make it easier for President Barack Obama to appoint his choice of judges. People familiar with the matter said the rule would be tougher than the version outlined three months ago, with officials in the Securities and Exchange Commission and Commodity Futures Trading Commission demanding a rule that was more prohibitive on the types of funds that banks are allowed to sponsor. The rule's publication also sets the stage for a bruising battle between the likes of Goldman Sachs and JPMorgan Chase in the US and Deutsche Bank and Barclays in Europe over the extent to which the rule will harm US banks and give a competitive advantage to their European rivals.
Source: FINANCIAL TIMES
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