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WASHINGTON (Reuters) - The United States will not implement the so-called Volcker rule before 2015, a top regulator said on Tuesday, a widely expected move after regulators struggled for years to agree on the ban on proprietary trading.
Bart Chilton, a member of the Commodity Futures Trading Commission, said he expected the agency to adopt the rule behind closed doors on Tuesday despite a government shutdown in Washington because of the threat of a snowstorm.
Chilton also said the final rule, details of which will be released later on Tuesday, would still allow proprietary hedging by banks, but would require a close correlation between a hedge and the underlying risk.
Reporting by Douwe Miedema; Editing by Lisa Von Ahn