U.S. CFTC Considers Tighter Volcker Rule After JPMorgan Loss
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The U.S. Commodity Futures Trading Commission is seeking input on whether to narrow exemptions in a proposed proprietary-trading ban after JPMorgan Chase & Co. announced at least $2 billion in losses on credit derivatives.
CFTC staff members are hearing today from former Federal Deposit Insurance Corp. chairman Sheila Bair, Barclays Plc Managing Director Keith Bailey and Credit Suisse Chief Risk Officer for American equities Dan Rodriguez at a meeting in Washington as they prepare to craft revisions to the so-called Volcker rule. The main U.S. derivatives regulator is among five agencies charged with implementing the Dodd-Frank Act measure.