Seems like someone read the SLS guide to banking regulations.
“Hollande’s plan to limit speculative trading by French banks also could fall short of expectations. The government has said that new banking regulations, to be announced in December, will require banks to place their riskiest activities in separate subsidiaries. Activities such as high-frequency trading and agricultural-commodities derivatives would be “ring fenced” and subject to much-higher capital requirements than banks’ more-traditional businesses, Finance Minister Pierre Moscovici said on Nov. 15.”
The banks are still winning so far. I wonder if Nigerian banks are just as inventive at working around regulations. Probably.