When will the Volcker Rule go into effect?

It's now scheduled to go live in July of next year; the original date was July 2012. Now the financial players want the implementation to be postponed for a short time longer, like seven years. They claim that they will have to sell assets at fire sale prices if it goes in to effect next year.

Here's what Volcker has to say about the rule. It's twenty-three minutes long but it is interesting.