Wall Street Exhales as Volcker Rule Seen Sparing Market-Making
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Wall Street banks avoided their worst fears of the Volcker rule after regulators crafted the ban on speculative trading to leave market-making operations intact.
Goldman Sachs Group Inc., which among big U.S. banks gets the largest portion of its revenue from trading, climbed to the highest level in almost three months after five agencies approved the rule yesterday. Changes in the final wording broadened exemptions for banks’ market-making desks, which generate more than $40 billion a year in revenue.