Volcker Rule set to change market structure, says Shogi Group

Speculation is rife over what banks will do with their proprietary trading desks on the back of US reforms, with Goldman Sachs, JP Morgan and Morgan Stanley reportedly mulling whether to close, sell or spin-off such businesses. The US Dodd-Frank financial overhaul bill was signed in late July and includes the so-called Volcker Rule, which curtails proprietary trading, private equity and other investments that banks make with their own capital. Whatever firms decide to do, it is …