Banks Won’t Stop EU Push on Prop-Trading, Firewall Rules
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The European Union’s new financial-services chief, Jonathan Hill, said he’ll press on with plans criticized by the financial industry on curbing some proprietary trading and erecting firewalls between consumer and investment banks.
Hill, who became EU commissioner for financial services and stability on Nov. 1, said the bloc’s existing regulations don’t go far enough to tame the threat posed by the collapse of a systemic lender.