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JPMorgan to shut down commodities 'prop' division
  Hedgeweb - WED, SEP 01 2010
News JPMorgan Chase & Co. has told proprietary commodities traders that their desk will be closed, as it moves to comply with new US financial services rules banning proprietary trading, according to people familiar with the matter.

Other proprietary trading desks will also be shut down over time, according to the same sources.

JPMorgan joins other banks that are changing their trading businesses to comply with the Volcker rule, part of a broader financial reform law that limits the extent to which banks can bet with their own capital.

Although financial institutions have years to comply with the law, banks including Goldman Sachs and Morgan Stanley have hinted that they will shut down their proprietary trading desks much earlier.

JPMorgan's commodities proprietary trading desk has fewer than 20 traders, with one based in the United States and the rest in the United Kingdom. The U.K.-based traders were informed last week that their jobs may be in jeopardy, in compliance with British law.

Bloomberg, which first reported the story, said that traders will be given a chance to apply for jobs elsewhere in the company.

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