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The plan does not now clarify what proprietary trading activities would be limited.
And in answer to criticism that his rule was too vague, he said, "every banker I speak with knows very well what proprietary trading means and implies".
"Greater control of cloud environment means that instead of cloud providers dictating what proprietary tools and technologies we have to use, or how much bandwidth we can have, OneOps puts the control back into the hands of developers," the team writes today.
Mr. Volcker's version: "Bankers know what proprietary trading is and is not.
The Wall Street Journal has had a field day making fun of the Keystone Kops trying to figure out what proprietary trading means.
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Only proprietary trading is being restricted, with the banks having great (and perhaps too much) leeway to define what is proprietary and what is market-making.
Yet the definition of what constitutes proprietary trading can be fuzzy.
"How we mix and match is what's proprietary," he said.
He accused the Pentagon of "deferring completely to the contractor's absurdly expansive view of what constitutes proprietary information and must be shielded from view".
WorldVistA, thanks to its public-domain origins, costs about one-tenth of what a proprietary system does for a license fee and a support contract.
"Despite assurances from high-ranking Treasury officials that clarity would be provided on what constitutes proprietary trading and what does not, no such clarity has been provided," Mr. Shelby said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com