Here's the thing, though: the proposals include an exemption for "bona fide" market-making on behalf of clients.

但是，这样一个事实也不容忽视：提案中包含了豁免“善意”为客户做市的条款。

youdao

there are specific exemptions for “risk-mitigating hedging activities, liquidity commitments and bona fide market-making”.

“减少套头交易的风险，流动资产的托付和真诚的作价买卖”都有特定的豁免税额。

youdao

I'm sure this is a bona fide proposal that Kaye is making.

我相信凯先生所提的建议是诚意的。

youdao

What specifically makes market making bona fide?

FORBES: Volcker Rule Trumps Euro Euphoria For Financal Sector Outlook

There turn out to be at least six different facets to this approach: the establishment of an internal compliance program, bona fide market making, reasonably expected near-term demands of clients, registration under securities or commodities laws, revenue from fees and commission, etc.

FORBES: Volcker Rule Trumps Euro Euphoria For Financal Sector Outlook