“Exemptions from its provisions have been kept to a minimum. Under its terms, the operations of bank holding companies will not be prohibited, but they will be confined to banking activities and regulated in the public interest.” PROHIBITIONS AND EXEMPTIONS The 1956 Bank Holding Company Act is still in force, though its provisions were considerably weakened by the movement towards financial deregulation during the 1990s. Exemptions to the prohibition on mixing banking and nonbanking activities were widened considerably, allowing banks to engage in a much broader range of activities than before. Some of the largest banks in the United States, including Goldman Sachs, Morgan Stanley, JPMorgan, and Bank of America, now have physical BestETF`S software commodity trading arms or have sought permission to establish them, under various exemptions established by amendments to the law. Most of these physical trading activities have been approved under exemptions allowing activities which are “closely related”, “incidental” or “complementary” to banking. Goldman and Morgan Stanley also benefit from a grandfather clause that appears to exempt commodity trading activities they engaged in before 1997.
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The wealth-management unit can earn a pretax margin of more than 23 percent by 2015 as interest rates and stock markets climb, Gorman said in June. The unit can achieve a 20 percent to 22 percent margin absent any changes in the broader markets, Gorman said. Third-quarter revenue from fixed-income sales and trading, run by Michael Heaney and Rob Rooney with commodity trading co-heads Colin Bryce and Simon Greenshields , was $835 million, excluding DVA. That compared with estimates of $975 million from JPMorgans Abouhossein and $1 billion from Credit Suisses Chen.