Volcker's Global Reach Is Vital Post-JPMorgan Loss: Group

Law360, New York (May 18, 2012, 7:04 PM EDT) -- Financial reform advocates on Friday said that while JPMorgan Chase & Co.'s $2 billion trading loss highlighted the need to ban portfolio trading under the Volcker rule, it also showed the importance of the proprietary trading ban's inclusion of U.S. banks' foreign units.

In a conference call with reporters, representatives of Americans for Financial Reform rejected banks' arguments that their foreign branches should not be touched by the Volcker rule because it would put them at a competitive disadvantage.

Although the activists conceded that the losses...
To view the full article, register now.