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The biggest financial industry news of 2013

Traders
Traders work on the floor of the New York Stock Exchange on July 29, 2013 in New York City.
Spencer Platt/Getty Images

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A new government rule, part of the 2010 Dodd-Frank financial overhaul, is expected to help minimize risky trading on Wall Street.

Known as the Volcker rule, the regulation "codifies and restricts the way banks trade securities," the Wall Street Journal reports:

It curbs banks' ability to bet with their own capital and forces them to draw bright lines separating trades for clients from trades to limit their risks and so-called proprietary bets.

The rule "will help the stability of the broader economy" by restoring trust and confidence in banks, Paul Volcker, the former Federal Reserve chairman, told The Wall Street Journal.

On The Daily Circuit, we look back at 2013 banking fines, settlements, rulings and new policies in the banking industry.

LEARN MORE ABOUT FINANCIAL INSTITUTIONS IN 2013:

• Wake Up the Banking Police
"The passage of the Volcker Rule represents a step partway back to the Glass-Steagall regime that has historical significance for helping to give us four to five decades of relative financial stability from the 1930s to the 1980s," said Richard E. Sylla, the Henry Kaufman professor of the history of financial institutions and markets at New York University. "Even if we don't see a lot of actions against violators, the mere fact that the rule is on the books will make banks think twice before engaging in activities that might result in actionable violations." (New York Times)

• Regulators Tighten Bank Rules To Curb Risky Wall Street Trades
Under the so-called Volcker rule, banks will be barred from trading in their own accounts, but will still be able to buy and sell on behalf of clients. (NPR)

• Payback time for subprime
Since 2008 financial firms have agreed to over $95 billion in mortgage-related penalties. But things could get worse. Bank of America may soon reach a $6 billion settlement with housing regulators. And JPMorgan's announcement may not stop ongoing criminal probes into its mortgage activities. (The Economist)

• JPMorgan fined $920 million in 'London Whale' trading loss
With the penalty, the bank is acknowledging that it violated banking rules by not properly overseeing its trading operations. In legal language, regulators said that the bank engaged in "unsafe and unsound practices." (CNN)