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Volker Rule

Loopholes Abound Despite New Rules

" Bank regulators are casting new nets to catch excessive risk-taking in the financial system. But future London Whales may find plenty of ways to slip right through them.

The story of JPMorgan Chase’s multibillion-dollar trading loss is now well known. Traders, including Bruno Iksil, nicknamed the London Whale, amassed large positions in credit derivatives as part of a complex trading strategy that eventually soured.