Volcker rule already prompting changes, namesake says

11/29/2012 | CNBC

Although the so-called Volcker rule has yet to take final form, it's already making its impending presence felt on Wall Street, former Federal Reserve Chairman Paul Volcker said. “Banks have stopped their straightforward proprietary trading operation, and they’ve largely cut back on their hedge funds and equity funds. And as the managements and the directors finally understand that, ‘Yes, this is a law that has to be followed,’ they’ll be able to manage their trading desks in what I think is an effective way,” Volcker said.

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