“French Finance Minister Pierre Moscovici submitted to the cabinet a bill designed to force the country’s largest banks to fence off proprietary trading activities in dedicated units.
The product of months of discussions between industry and government officials, the bill would require banks including BNP Paribas SA (BNP) and Societe Generale SA (GLE) to split market activities that aren’t necessary to finance the economy into separately capitalized units, Moscovici said. The rules would also forbid banks from holding stakes in hedge funds and limit high- frequency trading and farm commodity speculation.”
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