By Douwe Miedema WASHINGTON (Reuters) - U.S. regulators are set on Tuesday to approve a rule to rein in risky trading by banks, a crucial part of their efforts to reform Wall Street and prevent another costly taxpayer bailout. The Volcker rule, named after former Federal Reserve Chairman Paul Volcker, who championed the reform, prohibits banks from betting on financial markets with their own money, a practice known as proprietary trading. The final version of the crackdown is expected to be tougher than when it was proposed two years ago, after JPMorgan Chase & Co's $6 billion (?3.65 billion) loss in 2012 - nicknamed the London Whale after the bank's huge positions - highlighted the perils of speculative trading. "The challenge is to prevent the impermissible activities, while promoting the underwriting, the market making, everything that everyone regards as important to financial markets," said Robert Maxant, a partner at Deloitte & Touche.
The stock market notched another record close Monday after a big acquisition in the food industry. Hope for a longer-term budget deal in Washington also helped. Food distributor Sysco rose the most in ...
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There are no secrets to success. It is the result of preparation, hard work, and learning from failure. - Colin Powell