BRUSSELS (AP) - The European Union's executive arm is set to present a long-awaited financial market reform meant to defuse risk-taking by the largest banks and protect taxpayers from the potential costs of rescuing them.

BRUSSELS (AP) The European Union's executive arm is set to present a long-awaited financial market reform meant to defuse risk-taking by the largest banks and protect taxpayers from the potential costs of rescuing them.

Wednesday's EU Commission proposal echoing the United States' so-called Volcker Rule is a key part of the 28-nation bloc's efforts to overhaul its financial system to avoid a repeat of the global crisis that forced governments to bail out banks in 2008 and 2009.

The draft regulation is expected to bar the continent's largest banks those whose collapse would threaten the stability of the financial system from trading exclusively for their own profit, as opposed to a client's. It will also aim at separating the banks' riskier trading activities from their deposit-taking business.