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Overseas banks may face Volcker Rule

Monday 19 September 2011 - by Nicola York

Overseas banks with operations in the US may have to comply with the Volcker Rule, according to sources close to the matter.

Next month, regulators are due to issue proposals forcing US banks to hive off their proprietary trading arms in a bid to reduce the chances of future financial crises occurring.

Under the proposals, trading managed in the US - even by banks based elsewhere - may be subject to the rules, according to reports in Bloomberg.

Goldman Sachs has already closed its proprietary trading arm ahead of the introduction of the rule with other banks set to follow suit.


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