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Goldman says that pure proprietary trading, which regulators are likely to ban, accounts for 10% of its revenues.
Specifically, the study assumes that every dollar disallowed in pure proprietary trading by banks will necessarily disappear from the market.
Some of the biggest firms, applying a narrow definition, say that pure proprietary trading constituted less than 10 percent of their revenue, and in some cases far less.
Federal regulators have already leaned hard on banks to curb pure proprietary trading, and the banks expect that regulators will demand more capital if they keep making risky bets, making the practice far less profitable.
It would, however, have several years to comply.As for trading, Goldman insists that the pure proprietary sort, which regulators are likely to ban, accounts for less than 10% of its revenues.
In the company's annual report, Mr. Dimon wrote: "If the intent of the Volcker Rule was to eliminate pure proprietary trading and to ensure that market making is done in a way that won't jeopardize a financial institution, we agree".
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"I would say pure walled-off proprietary-trading businesses at Goldman Sachs are not very big in the context of the firm," David A. Viniar, the firm's chief financial officer, said in a conference call.
Market-making and underwriting are exempt, too, though the line is often fuzzy between these pure client activities and proprietary bets.
Market-making and underwriting are excused, too, though the line is often fuzzy between these pure client activities and proprietary bets.
For reinforced concrete structures, the most commonly used thermal sprayed anodes are pure zinc and a proprietary aluminum zinc indium alloy (Al Zn–In).
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