Morgan Stanley closed most of its prop trading units after experiencing heavy losses as a result of the mortgage meltdown in 2008.

2008年抵押贷款危机导致严重亏损后，摩根·士丹利关闭了大部分自营交易业务部门。

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Prop trading now typically accounts for a mere percentage point or two of firms' revenues (see table) -if it is defined narrowly to exclude risk-taking related to client business.

目前，自营交易在典型情况下只占有公司总收入的一到二个百分点- - -如果把“自营”狭隘地定义为除去客户业务以外所有承担风险的交易。

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In addition, the changes make all forms of trading, particularly "prop" trading, more expensive by forcing Banks to hold more capital in reserve to support the activity.

此外，新规定还迫使银行增加资本储备，以支持其活动，这使得各种类型的交易成本都有所提高，尤其是自营交易。

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The key is how to define prop trading so the rule can be enforced.

FORBES: Is Wall Street Giving In On Prop Trades To Save Its Swaps Business?

Thank Paul Volcker whose so-called Volcker Rule is forcing banks to wind down prop trading operations.

FORBES: Another Banker Bites The Dust, Departs For The Hedge Fund Life

Bloomberg columnist Michael Lewis offers this : The banks have no intention of ceasing their prop trading.

FORBES: What Volcker Rule? Proprietary Trading Lives