After two years of work, five federal financial regulatory agencies today finalized the highly anticipated Volcker Rule as required by the 2010 Dodd-Frank Act, Reuters reports. The Commodity Futures Trading Commission, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Securities and Exchange Commission approved the roughly 900-page rule, which aims to "ensure that banks can't make speculative trades that are so large and risky that they threaten individual firms or the wider financial system." According to the Federal Reserve Board, the final rules "provide exemptions for certain activities, including market making, underwriting, hedging, trading in government obligations, insurance company activities, and organizing and offering hedge funds or private equity funds." The activities and investments of covered banking organizations must be in compliance by July 21, 2015; however, "a banking entity that does not engage in covered trading activities will not need to establish a compliance program." The final rules also clarify that "certain activities are not prohibited, including acting as agent, broker or custodian." For more, read the full story and press release.