Royal Bank of Canada has decided not to divest its U.S. proprietary trading arm in its current form but will work to comply with new regulations there, the lender said on Wednesday. Canada's largest bank by market capitalization said it has been actively working to restructure the proprietary trading business - which uses the bank's own funds - to comply with the "Volcker rule" ahead of a July 2015 deadline.Introduced in the wake of the 2008 financial crisis, the "Volcker rule" prohibits banks from making speculative bets with their own money."While we are still evaluating various options, we have concluded that a spin-out of GAT (global arbitrage and trading) in its current form will not proceed," the bank said in an e-mailed statement."We do not expect there to be a material impact on RBC's revenue in any of the scenarios currently contemplated."
Royal Bank of Canada, is a Canada-based banking company. Shares of RY fell by 0.01% or $-0.01/share to $71.44. In the past year, the shares have traded as low as $61.00 and as high as $76.08. On average, 463917 shares of RY exchange hands on a given day and today's volume is recorded at 638675.
Royal Bank of Canada, is a Canada-based banking company. Shares of RY fell by 0.51% or $-0.41/share to $79.64. In the past year, the shares have traded as low as $65.91 and as high as $83.20. On average, 1947800 shares of RY.TO exchange hands on a given day and today's volume is recorded at 2092771.
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