Wall Street may be fretting before Tuesday's release of long-awaited regulations on implementing the Volcker rule, but the impact isn't likely to be huge, a banking expert said.
"I don't think, whatever happens, the impact is going to be huge. Most of the large consequences have already filtered through to most of major Wall Street players," said Keith Pogson, a managing partner at EY for financial services, told CNBC.
"This year, we're seeing an emergence of political and social influences that are driving financial services just as much as anything else. The big banks will really have to comply," he said.
After years of consultations, mostly behind closed doors, U.S. regulators on Tuesday will release the final version of regulations to implement the Volcker rule, part of the 2010 Dodd-Frank law aimed at reforming the Wall Street practices which led to the global financial crisis.
The Volcker rule would force banks to curb proprietary trading and limit investments in hedge funds and private equity funds and is named after former Federal Reserve Chairman Paul Volcker.