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Thursday, October 24, 2013

BPC Report on Volcker Rule and Lincoln Amendment

The Capital Markets Task Force, part of the Bipartisan Policy Center’s Financial Regulatory Reform Initiative, released a new report that highlights a path forward on the Volcker Rule and Lincoln Amendment. The report proposes six recommendations to help regulators better implement the Volcker Rule and concludes that a well-crafted Volcker Rule may eliminate the need for the Lincoln Amendment.

From the report:
The task force’s recommendations avoid a “one-size-fits-most” approach to implementation that focuses on individual transactions and presumes trading to be proprietary and impermissible. Instead, the task force’s recommendations stress the importance of a functional, data-driven model that takes account of the significant differences across asset classes, products, and markets. This approach focuses on tailored, data-driven metrics to help define what constitutes impermissible proprietary trading as well as the use of safe harbors to promote clarity regarding clearly permissible activity. An iterative, phased-in approach with access to a robust set of data maximizes the ability of regulators to fine-tune implementation and to continue to adjust in the future.
Read the report.

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