Representative Carolyn B. Maloney (D-NY) asked numerous federal regulators to provide an "update on the quantitative trading metrics that the agencies have been collecting" under the Volcker Rule. The federal agencies referred to by Representative Maloney include the Board of Governors of the Federal Reserve System, the FDIC, the CFTC, the Office of the Comptroller of the Currency and the SEC.
Representative Maloney explained that the Volcker rule requires banks with significant trading operations to report seven different quantitative trading metrics in order to "help the agencies identify trades that warrant further scrutiny in order to determine whether a bank has engaged in prohibited proprietary trading."
Representative Maloney observed that the agencies have been collecting these quantitative metrics since July 2014 and now have "nearly two years of quantitative trading data, spanning periods both before and after the effective date of the proprietary trading ban." She also noted that the agencies indicated that they would "revisit the metrics and determine, based on a review of the data collected by September 30, 2015, whether to modify, retain or replace the metrics."
Representative Maloney asked the agencies to respond to her request by October 30, 2016.
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