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Tuesday, March 20, 2012

SIFMA: Volcker Rule will Disrupt Market Functions

President and CEO of the Securities Industry and Financial Markets Association (SIFMA), Tim Ryan, spoke today at the 2012 Compliance and Legal Society Annual Seminar Conference regarding the progress of the Dodd-Frank Act.

Ryan recognized the revamping of the regulatory environment for the industry as a “once in a generation change with far reaching consequences.” He also focused on the importance of reforms to be done reasonably, smartly, and appropriately, pointing to the Volcker Rule as a rule which has been pushed through too quickly.
"We cannot support measures which disrupt market functions or increase systemic risk, ultimately failing to achieve what Congress and the Administration sought to accomplish with this legislation. For example, we oppose the Volcker Rule.

We are concerned over its extended and, in many cases, unintended impact on traditional market making activities at the expense of liquidity in US markets.

When banks provide consistent and ample liquidity--the ability to buy or sell a security at a reasonable price in a timely fashion--they strengthen financial markets and benefit investors and issuers who rely on capital and credit. Without it, businesses can't grow and create jobs."

Read the full speech.

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