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Tuesday, August 12, 2014

Banks push U.S. Fed to delay Volcker rule -WSJ, (NYSE: GS), (NYSE: JPM), (NYSE: MS)

Banks are lobbying U.S. policy makers for a delay of up to seven years from a provision requiring them to sell investments in private-equity and venture-capital funds, the Wall Street Journal reported, citing people familiar with the matter. Bank officials, trade groups and lawmakers are quietly pressing the Federal Reserve for a multiyear delay of the rule that limits their investments in private-equity and venture-capital funds, the Journal said. (on.wsj.com/1l12Pi8)The "Volcker rule," part of the Dodd-Frank law, restricts banks' ownership stake in hedge funds and private equity funds.The rule prohibits banks from making speculative bets with their own money.A delay of the rule would affect large banks such as Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley, the Journal said.

The Goldman Sachs Group, Inc. (Goldman Sachs), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS fell by 0.08% or $-0.13/share to $172.33. In the past year, the shares have traded as low as $151.33 and as high as $181.13. On average, 2421050 shares of GS exchange hands on a given day and today's volume is recorded at 1362909.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.05% or $0.03/share to $56.35. In the past year, the shares have traded as low as $50.06 and as high as $61.48. On average, 13571900 shares of JPM exchange hands on a given day and today's volume is recorded at 11290657.

Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.22% or $-0.07/share to $32.01. In the past year, the shares have traded as low as $25.25 and as high as $33.60. On average, 8945420 shares of MS exchange hands on a given day and today's volume is recorded at 4525122.



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