UK Chancellor George Osborne followed the lead of other officials in voicing concerns about the Volcker rule, which bans major banks from proprietary trading. Osborne said the measure will make it more difficult and costly for the UK and other nations to sell debt. "Any consequent withdrawal of market-making services by banks would reduce liquidity in sovereign markets, which in turn would engender greater volatility and make it more difficult, riskier and costlier for countries such as the UK to issue and distribute their debt," Osborne said. See SIFMA's Volcker Rule Resource Center, including two recent studies on the impact of the proposed rule.

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