For transactions costs do generally fall as technology marches on thus we might assume that ever less governmental regulation is necessary.

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One approach has been increased governmental regulation, such as the Dodd-Frank Act of 2010, which attempts to reign in the excesses of the financial industry with new rules and restrictions.

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Today as in many years past, I advocate for the decertification of FINRA as an SRO and persist in my view that we need to re-fashion non-governmental regulation into a more inclusive private-sector regulatory organization that fairly represents the full spectrum of market participants: private investors, institutional investors, financial services firms, registered persons, and regulators.

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That is, when governmental intrusion and regulation are minimal, markets can come to near equilibrium.

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Marketplaces naturally attract regulation--some governmental, some their own oversight.

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While the withdrawal of governmental subsidies can halt car sales growth in rural areas and small towns, government regulation of license plate registration will deal a huge blow to car sales in urban areas.

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But governmental investment funds, including hundreds of public pension plans, are generally not subject to SEC regulation.

FORBES: Financial Watchdog

Regulation is an option, but these regulations are usually pulled together by a strange assortment of governmental agencies, engineers and industry constituents with different agendas.

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