Morgan Stanley largely closed down its own-book trading operations two years ago. Bank of America and Citigroup are also thought to be planning to exit prop trading. Blythe Masters, the head of JPMorgan’s global commodities group said the closing of the London desk would not hinder the firm going after “long-term” growth in regions like Asia. Although the bank is ostensibly acting to comply with Obama’s financial crackdown, rivals pointed out JPMorgan suffered multi-million dollar losses betting on the direction of coal prices earlier this year. Goldman Sachs has already begun reviewing options for spinning off its prop trading unit.Around 75 JPMorgan employees worldwide could be affected as it closes off prop trading activities in other areas. this Bill Gates reportedly hoped Jeffrey Epstein would help him win a 980-foot skyscraper sways in China, prompting panic and Sidney Crosby, Alex Ovechkin are graying and Killer drone ‘hunted down a human target’ without being told I blew off Adam Sandler 22 years ago - and it’s my biggest ‘Neighbor from hell’ faces new charges after scaring off home Supermodel Anne Vyalitsyna claims income drop, pushes for child Why people are finding dryer sheets in their Mark Eaton, former NBA All-Star, dead at KCS-content Wednesday 1 September 2010 8:46 pm JPMorgan winds down prop trading to meet Volcker rule Show Comments ▼ WALL STREET titan JPMorgan Chase has told 20 London-based traders their jobs are at risk after deciding to wind down its global commodities proprietary trading business.JPMorgan is the latest investment bank to act on US President Barack Obama’s so-called “Volcker rule”, which requires institutions to hold no more than three per cent of their core capital in hedge funds or private equity. Tags: NULL Share whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks UK teen died on school trip after teachers allegedly refused her Russell Wilson, AOC among many voicing support for Naomi Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Florida woman allegedly crashes children’s birthday party, rapes Native American Tribe Gets Back Sacred Island Taken 160 Years Biden received funds from top Russia lobbyist before Nord Stream 2 Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the A ProPublica investigation has caused outrage in the U.S. In fact, expect it to happen.”One senior Democratic senator, Charles Schumer, called on the panel to force market makers to step in and provide liquidity at times of rapid, unexpected price declines.FAST FACTS | FLASH CRASHHigh frequency trading, whereby computer algorithms transact large volumes of shares in split seconds, has been seen as a possible cause.The four main US public exchanges now have “circuit breakers” on S&P 500 stocks. CFTC commissioner Michael Dunn said: “One thing really struck me today… what happened on 6 May can happen again. Some members warned a similar lightning bolt could strike again. Among those affected were Accenture, whose price plunged from $40 per share to one cent, and Procter & Gamble, which lost 35 per cent of its market value.The SEC and CFTC taskforce will deliver a report addressing the occurrence early next month. The crash saw around 55 stocks on the S&P 500 dive precipitously in the space of minutes before climbing back to their normal levels. The authorities are also mulling a ban on “stub” quotes used by market makers.Mary Schapiro, chairman of the SEC, announced the possible steps at a hearing to discuss the freak financial event three months ago. The restrictions could be applied to securities from other indices. In June, the SEC approved rules to suspend trading in S&P 500 shares which see a 10 per cent swing in price during a five-minute period. Whatsapp whatsapp Wednesday 11 August 2010 8:43 pm Tags: NULL Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot Show Comments ▼ KCS-content US to tighten rules in wake of flash crash US regulators are considering sweeping measures to prevent a repeat of the so-called “flash crash” of 6 May, when the Dow Jones sparked panic by falling 1,000 points in 45 minutes.The Securities and Exchange Commission (SEC) and Commodities and Futures Trading Commission (CFTC) may extend upward and downward limits on stock movements.