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Wall Street Sweats Out Volcker Rule Impact

The final rule, due out next week, may affect up to 18 percent of revenue at the five largest Wall Street firms.

By Michael J. Moore and Dakin Campbell, Bloomberg | Updated on December 04, 2013

Wall Street banks, which already shut proprietary trading units that helped fuel record profits, are girding to learn next week how much revenue the Volcker rule may cut from the $44 billion they say comes from market-making.

With U.S. regulators scheduled to vote Dec. 10, the largest firms are getting little detail about the final terms of the Volcker rule’s ban on proprietary trades, and they still have basic questions about what kind of market-making will be allowed, said three senior U.S. bankers. They’re also wondering whether they’ll have to change practices or curtail business in some less-liquid markets, the bankers said.

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