Late Lunchtime Links: How the Volcker Rule could bring prop trading jobs to London

As an antidote to all the news about jobs moving from London to Asia and London to Switzerland, Douglas Landy, a solicitor at Allen & Overy in New York, has looked at yesterday's draft copy of the Volcker Rule and implied London might be a beneficiary.

Writing in the New York Times, Landy points out that the draft Rule still allows proprietary trading as long as it's, "done "solely outside of the United States," and doesn't involve a US company or its subsidiaries.

At the same time, Landy points out that the Rule will apply to any trade "directly involving" someone in the US (even if they work for a non-US bank) and that in order for a trade to be exempt, it must also be "executed wholly" outside the US. The implication? Non-US banks which still have proprietary trading operations in New York will move both the traders and the back office staff associated with those trades elsewhere. That place could be London. Or it could be Asia.

Volcker Rule may cut fixed-income revenue 25%. (Bloomberg)

New York City's securities industry could lose nearly 10,000 jobs by the end of 2012. (Wall Street Journal)

The average ROE among non-financial European companies is 14.3%. By contrast, financial companies' ROE has slumped to 7.2%. (Wall Street Journal)

Wells Fargo is heading for record earnings, Goldman Sachs is really not. (Bloomberg)

Actually, rescuing Dexia could cost 17% of Belgian GDP. (Breaking Views)

SocGen and BNP will be merged and then Deutsche will become the next toxic bank. (Fintag)

Many European banks do need material recapitalisation. RBS, for all its many faults, does not. (Alphaville)

Contract actuaries are earning 1.1k a day. (Evening Standard)

Wall Street protestors are starting to march on homes, such as Jamie Dimon's. (Crains New York)

Mayor Bloomberg has said Wall Street protestors can camp in a park indefinitely, hopes they'll go when the weather changes. (Wall Street Journal)

If you want a job at a hedge fund, try going through a bank. (DealBook)

Student march apparently due to conclude at Goldman Sachs Fleet Street on November 9th (Facebook)

Disturbing image of Lloyd Blankfein at Wall Street protests. (WeaselZippers)

Lloyd Blankfein has cancelled his 'Power talk' to students at a women-only liberal arts school. (Businessweek)

Junior Minister in Italy says cocaine was to blame for the financial crisis. (Guardian)

The key to averting or curtailing a second Great Depression is to reduce the levels of private debt, through a unilateral write-off, or jubilee. (Guardian)

The key to solving the current problems is a large one off tax on financial wealth. (Zerohedge)

Tesco cannot hire enough talent. (Bloomberg)