This is targeted to salesman and traders already working at a bank. So the volcker rule bans prop trading of "financial instruments" in investment banks and elaborates on its definition of a financial instrument. It then lists some things that are not financial instruments and includes "Foreign Exchange or currencies" in this group. Does this mean that banks can still prop trade FX? To me its a blatant yes, but I just wanted to get someones perspective from the inside. Thanks for the help.
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As far as I understand, spot is exempt, derivatives are not.
So whats the impact on fx derivatives trading at BBs?
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