losses, and toss-ups.)

“Today’s finalization of the Volcker Rule ban on proprietary trading is a major defeat for Wall Street and a direct attack on the high-risk ‘quick-buck’ culture of Wall Street,” said Dennis Kelleher, the president of the advocacy group Better Markets, in a statement. “Regulators have resisted much of the heavy Wall Street pressure to weaken an earlier proposal. In fact, they seem to have strengthened the rule in several significant ways,” wrote Americans for Financial Reform, another advocacy coalition.

The ultimate goal of the Volcker rule is to make banking boring again by rebuilding a wall between commercial banking activity and the kind of risky trading done by investment firms. The rule bans commercial banks from making bets for their own profit rather than for their customers,Chamber of Commerce said in a statement. Opponents could challenge the rule on procedural grounds, or argue that it improperly considers costs and benefits or contradicts other directives in Dodd-Frank.

The Volcker rule is not the final act of financial reform, as Erika Eichelberger notes at Mother Jones. Federal agencies still have to write or complete hundreds of rules mandated by the Dodd-Frank Act, including requirements for how much capital banks have to hold in reserve and regulations governing credit-rating firms and derivatives trading.