Fox Business: Wall Street Firms Are Conducting A "Massive Review of Compliance Procedures Following The UBS Rogue Trading Scandal"

FOX Business Network (

) Senior Correspondent Charlie Gasparino reports Wall Street firms are conducting a “massive review” of their “compliance procedures following the UBS rogue trading scandal.” Sources tell Gasparino Wall Street firms are conducting this review “not just because of the scandal, but because they believe they are facing the likelihood of massive examinations by the Securities and Exchange Commission and global regulators like the Financial Services Authority.” Excerpts from the report are below, courtesy of Fox Business Network.

“FOX Business Network has learned there is a massive review going on of compliance procedures on Wall Street among the big Wall Street banks following the UBS rogue trading scandal. Sources are telling the FOX Business Network they haven't found anything but the reviews aren't done yet. Their compliances procedures, at least preliminarily are adequate. They are doing this not just because of the scandal, but because they believe they are facing the likelihood of massive examinations by the Securities and Exchange Commission and global regulators like the Financial Services Authority.”