The FDIC voted today to give big banks more leeway to make risky short-term bets in financial markets
Comptroller of the Currency Joseph Otting on Tuesday signed the revised rule. Three other agencies — the Federal Reserve, Securities and Exchange Commission and Commodity Futures Trading Commission — must still approve it.
Among other provisions, the revamp would create a presumption of compliance for trades held for longer than 60 days, the inverse of the current version of the rule, which presumes that any investment held for less than 60 days is banned, with the onus on banks to argue that a given trade is exempt. Under the final rule, the short-term intent prong will only apply to banks that are not subject to the market risk capital rule or that do not elect to apply the market risk capital standard.
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