A draft of the proposal on the Volcker rule, set to be unveiled by the Federal Deposit Insurance Corporation this week, was leaked on the Internet. According to the draft, the rule will restrict FDIC members from profiting through proprietary trading, as expected, and would also require banks to bulk up compliance programs and record-keeping for trading units.
In the “confidential” staff draft published by American Banker’s Website on Wednesday, the bank regulator revealed its requirement for all member firms to establish a compliance program for their trading units.
