UK lawmakers seek prop-trading plans from regulator

04/4/2013 | Bloomberg

The UK Parliamentary Commission on Banking Standards has requested plans from Prudential Regulation Authority CEO Andrew Bailey on how the regulator will deal with proprietary trading and whether existing rules are sufficient to accomplish the task. "Many banks told the commission that, at present, they do not engage in proprietary trading, nor do they wish to do so," commission Chairman Andrew Tyrie said. "The PRA must exercise its judgment. It should hold the banks to their word."

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