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In forceProprietary trading (Volcker rule)Last checked 13 November 2026

Regulation VV quantitative measurements (FR VV-1)

A regulatory return listed by the Board of Governors of the Federal Reserve System (Federal Reserve Board), United States.

Collects detailed daily figures from trading desks the Board supervises, in three groups: risk (risk limits and value-at-risk), performance (profit and loss, and how it is attributed to risk factors) and activity with customers (positions and transactions). It covers each desk that holds trading positions under the Volcker Rule's definition and books its trades through a legal entity whose primary federal regulator is the Board. Supervisors use the data to spot trading that may fall outside the Volcker Rule's exemptions for market-making or underwriting. Source

Official title: Regulation VV Quantitative Measurements

The facts

Who files
Bank holding companies and foreign banking organisations whose gross trading assets and liabilities averaged $20 billion or more across the previous four calendar quarters, leaving out obligations that the United States or a U.S. agency issues or guarantees. After the 2019 rule changes, fewer than 20 firms had to report, accounting for 93 percent of trading activity based in the U.S. Source
How often
Filed every quarter, as at the quarter's final calendar day, with daily data for each day of that quarter. Source
Deadline
Not stated as a specific submission date on the Board's page; the current (fourth) version of the report applies from the first-quarter 2021 report, which the page says was due April 30, 2020 (so stated on the Board's page, though that date precedes the quarter named). Source
Format
XML. Submitted as an XML file validated against the published volcker-rule.xsd schema, per the Volcker XML Specification document. Source
How it is filed
Filing routes recorded for the Federal Reserve Board: Reporting Central; Structure Central. See how firms file with the Federal Reserve Board.
Status
In force
Legal basis
Group
Proprietary trading (Volcker rule)

Templates (0)

The library lists no templates for this return.

A metrics report, not a schedule-based form; its structure is defined by the XML schema (16 complex record types) rather than named templates. Source

Validation rules

92 rules, as counted from the Federal Reserve Board's published material. Software can run them exactly as published. Source

How they are written: XML Schema (XSD) with restricted simple types and enumerated allowed values, version 2020-01-21..

The Volcker XML Specification PDF also describes that further validation rules may be applied to conditionally required or optional fields, beyond what the XSD enforces on its own.

The rules, on federalreserve.gov

How they were counted

Counted the <xs:simpleType> elements with a <xs:restriction> or <xs:union> (data type, decimal precision, or allowed-value constraints) in volcker-rule.xsd: 92, covering 16 <xs:complexType> record structures and 103 <xs:enumeration> allowed values.

Counts are in the Federal Reserve Board's own unit, so they are not comparable with other regulators' counts.

Public data

No published data from this return was found. Data are held confidential by all five Volcker Rule agencies; the Board's page says they are 'considered highly sensitive' because they can reveal specific trading strategies or trade secrets. Source

Official documents (5)

The Federal Reserve Board's own files, with the size and SHA-256 fingerprint of each as downloaded on 13 November 2026, so anyone can tell whether a copy is the same version.

Sources

Every page and document this return's facts were read from.

Knowing exactly what is collected, in what format and under which rules is the first step to real-time supervision. Line4 builds SupTech software for financial regulators that runs checks like these as each return arrives.

Line4's own text, and the way Line4 has collected and arranged these records, are free to reuse under CC BY 4.0. Please credit: “Source: Line4 regulatory submissions library (CC BY 4.0), https://www.line4.ai”. The facts themselves belong to no one. The regulators' document titles, template names, quoted terms and documents belong to them and are not covered by this licence: see Federal Reserve Board's reuse terms. This describes what regulators publish. It is not legal or regulatory advice: always rely on the regulator's own text. Not affiliated with or endorsed by any regulator.

Source: Board of Governors of the Federal Reserve System, https://www.federalreserve.gov. Documents are linked on the regulator's own site, not hosted here. The plain-English summaries are Line4's own; the Board does not endorse this library.

Last checked 13 November 2026.