I wouldn’t get quite as optimistic as the Financial Times appears to be, but clearly this is a major development in the fight to force some legitimate, restrictive rules on the Wall Street casino. Volcker can offer a lot of cover to lawmakers if they choose to go through with keeping 716 in the bill, which nobody really wants to keep in, but which nobody wants to be the one to take out.

For the first time, I’d say there’s an outside shot of this happening. And it’s a real reform.