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EU bank trading plan stops short of U.S. Volcker rule

Reuters – Banks in the European Union face limits on taking market bets with their own money under a draft EU proposal that represents a central plank of attempts to prevent a repeat of the financial crisis of 2007 to 2009.

Policymakers want to rein in excessive trading risks in the EU banking sector, whose assets total some €43 trillion ($59 trillion), that could threaten depositors if trades go wrong and potentially put taxpayers on the hook in a rescue.

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