Goldman Sachs climbed 1.2 percent to $169.73 in New York, the stock’s highest close since it touched an almost three-year peak on Sept. 20. Morgan Stanley, which got 30 percent of its revenue in the 12 months through September from principal trading, climbed 1.3 percent to $30.77.

In one example of the rules becoming less onerous, the final proposal holds banks to seven reporting metrics for monitoring trading positions, down from 17 in the original proposal, said Keith Horowitz, an analyst in New York at Citigroup Inc. Of the seven, most are “already monitored and reported at the firm level,” he wrote yesterday in a note to clients titled “First Read on Volcker Rule Is Better Than Feared.”

Limited Impact

Wall Street’s five largest firms had as much as $44 billion in revenue at stake on the outcome of just the market-making provision, based on their earnings for the year ended Sept. 30. JPMorgan Chase & Co., the biggest U.S. lender by assets, had as much as $11.4 billion riding on the answer, the data compiled by Bloomberg show.

“Despite a huge new reporting regime of quantitative measures, market-making can generally continue,” Washington research firm Capital Alpha Partners LLC wrote in a note to clients, calling the requirement manageable. “The final rule allows for more profit to derive from inventory.”

Wells Fargo, which exited some businesses in anticipation of the rule, said the final version won’t materially hurt its financial results. Citigroup Chief Financial Officer John Gerspach said any impact may hinge on the details of how banks are required to prove compliance.

“There are a lot of interpretations that front-line regulators will have to make in the supervisory process that will significantly impact how effective and costly Volcker is going to be,” said Andrew Olmem, a partner at Venable LLP and former Republican chief counsel on the Senate Banking Committee.

Documenting Hedges

Banks had attacked the rule after an initial draft in 2011, saying it could crimp market-making and hurt investors, or impede the hedging of risks, driving up borrowing costs for businesses and consumers. With that measure now written, the 2010 Dodd-Frank Act’s regulatory overhaul is largely complete.

Wall Street firms didn’t get everything they wanted. While lenders can still put aggregate hedges on their portfolios, the risks have to be identified and the hedges documented.