The Federal Reserve said yesterday that banks will have a full two years to bring their activities in line with the so-called Volcker rule before regulators start enforcing it, a formal statement aimed at calming bank fears that they would be forced to act before a July deadline.

The Fed and other banking regulators said banks will have until July 21, 2014, "to conform all of their activities and investments" to the Volcker rule, which restricts US banks from trading with their own money.