Commodity Futures Trading Commission chief Gary Gensler has convinced regulators to insert new language into the Volcker rule restricting foreign banks from evading the rule, Bloomberg reported on Friday.
The new language, which clarifies the Volcker rule's definition of trading solely outside the United States, ensures that banking giants such as Deutsche Bank AG and Barclays Plc are not an exception to the regulation's ban on proprietary trading, according to the report, which cited sources briefed on the change.
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