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 rules ban on proprietary trades, and still have basic questions about what kind of market-making will be allowed, said three senior U.S. bankers. Theyre also wondering whether theyll have to change practices or curtail business in some less-liquid markets, the bankers said.
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