A December 2011 Oliver Wyman Study on the Volcker Rule and its implications for the U.S. corporate bond market. 

Implementing the Volcker Rule restrictions on proprietary trading will be one of the most important, and most challenging, rulemaking responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).  The study estimates the impact of an overly restrictive implementation of the Volcker Rule statute on the U.S. corporate credit market – specifically U.S. corporate bonds. The analysis focuses on the U.S. corporate bond market as an example – the Volcker rule obviously covers other asset classes where liquidity provision by banks also has significant value to the economy as a whole.