Lots of talk about the Volcker Rule lately -- mainly because the big banks want the rule changed. 

So here's what you need to know.

First, some background.

When the market came crashing down during the financial crisis, the government had to step in and band make big loans to these banks to help bail them out.

But authorities soon realized that they were loaning banks money to cover trades that were for the banks' own benefit.  This is called proprietary trading -- or prop trading, in industry lingo.  Those trades have nothing to do with their clients.  That's basically just the bank's making "personal trades" to make money.

And that's where things got hairy because the government said..."Oh no! No mas! ...It's one thing for us to help you protect your clients, but we're not helping you if you knowingly made risky bets for yourselves." 

So they came up with this 60-day rule that basically says the banks can't do those fast, flipping types of trades anymore.  And in very simple terms that means that if a bank holds a trade for less then 60 days, it needs approval from its compliance dept.

The rule was named for former Federal Reserve Chairman Paul Volcker, because he spearheaded it.

But no surprise, the banks have argued the rule is too restrictive and that all short-term trades are bad.  Some actually may be hedges, or protection, that save clients money in the end.

Not to mention, clients want things quickly these days.  By the time, traders talk to compliance and attempt to get approval, it could be too late.

So watch the video above to see what's happening now.  But let's just say, stay tuned for the Volcker Rule 2.0.