RBC still considering alternatives for prop-trading

Trading

Royal Bank of Canada has said it’s still considering alternatives for its U.S. proprietary-trading business as its seeks to comply with Volcker Rule restrictions.

Bloomberg News reports that the Royal Bank has been reviewing possibilities for its global arbitrage and trading business since U.S. regulators released a final version of the rule in December, limiting banks’ ability to trade with their own money.

'We intend to fully comply with the Volcker Rule and we continue to look at all of our options', Kevin Foster, a spokesman for the firm, said in an e-mailed statement, referring to a provision of the 2010 Dodd-Frank Act.

The Wall Street Journal reported that the bank will close its proprietary-trading desk on Wall Street and spin it off into a hedge fund as soon as this year, citing people familiar with the matter whom it didn’t name. 

To access the complete Bloomberg article hit the link below:

RBC Says Still Weighing Plans for Prop-Trading Business

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