US banks take action to comply with reforms

摘要

US banks are eliminating proprietary trading positions to comply with financial reforms. Bank of America is cutting 20-30 proprietary trading positions to comply with a provision dubbed the Vol-cker rule. This bars banks from using deposits or their own money to trade over-the-counter derivatives including oil swaps. The rule is included in the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted on 21 July.