프랍 트레이딩 규제에 관한 고찰 - 미국 볼커룰 최종 시행규칙의 문제점 및 우리나라 금융지주회사 규제방안을 중심으로 -

Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amends the Bank Holding Company Act by adding new section 13 to generally prohibit, subject to exception, a banking entity, essentially any entity within a holding company structure containing an FDIC insured bank, from engaging in proprietary trading and from acquiring or retaining an ownership interest in or sponsoring a hedge fund or private equity fund. On December 10, 2013, the FRB, OCC, FD IC, the SEC, and the CFTC adopted the final version of the Volcker Rule. The Final Rule provides that "proprietary trading" covers Short-Term Trading Account, Market Risk Rule Trading Account, and Dealer Trading Account. The Rule is expected to reduce risks posed to banking entities by proprietary trading activities while permitting banking entities to continue to provide client-oriented financial services that are critical to capital generation and liquid markets. The regulators suggest Appendix B outlining six factors that the agencies believe distinguish prohibited proprietary trading from permissible market making. The author, however, examines the ambiguity and difficulty of the various tests which the regulators suggest and insists the ring fencing regulation is enough for Korean banking industry.