Paul Volcker has pushed back on calls to break up big Wall Street banks and ramp up oversight of large asset managers, while disputing claims that the rule named after him had caused a damaging drop in market liquidity.

The former Federal Reserve chairman, speaking at a conference organised by WSJ Pro Financial Regulation on October 18, said he understood the appeal of breaking up complex and potentially compromised institutions but that he was "not convinced" such moves would improve financial stability.