Westminster Bank of Westminster Bank, became first chairman of the fifth largest bank in the world. In 1969 David Robarts, former chairman of National Provincial, assumed Stirling's position. The statutory process of integration was completed in 1969 and the new company, National Westminster Bank Limited, opened its doors for business on 1 January 1970. NatWest, as it became known, is now part of The Royal Bank of Scotland Group. Westminster Bank Westminster Bank was a British retail bank which operated in England and Wales from 1834 until its merger into the National Westminster Bank in 1970; it continued to exist as a
Proprietary trading bodies worldwide require that the proprietary trading desk is kept separate from its client-related activity and trading. This is achieved by the use of information barriers (also known as "Chinese walls"), which prevent conflict of interest which might, for example, allow a Bank to front-run its own customers. There often exists confusion between proprietary positions held by market-making desks (sometimes referred to as warehoused risk) and desks specifically assigned the task of proprietary trading. Because of recent financial regulations like the Volcker Rule in particular, most major banks have spun off their prop trading desks or shut them down altogether.