European banks in firing line as Volcker draft sent for approval
The US Volcker Rule could create a "massive" compliance burden and additional costs for European banks, according to a regulation lawyer who has seen a draft of the proposals.
The rule, which is designed to crack down on proprietary trading by banks in the US, could have unintended consequences for non-US financial institutions, said Douglas Landy, US regulatory partner at Allen & Overy.
"The net effect will be to drive business from the US, and it creates
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