Media stories have reported on new draft language for the Volcker rule. with changes centered on a broader definition of "hedging." The draft would allow banks to use hedging to cover risk on a "portfolio basis." Bankers have been urging regulators to rein in the rules, saying that "one-to-one" hedging would be very difficult. "We think the portfolio approach is the way to go," said Rob Toomey, managing director at SIFMA. Read the SIFMA comment letter.

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