"If we think that for society as a whole it is important to have ring-fencing, both from a financial stability point of view and from a cultural point of view, I absolutely agree it should have strong enforcement and strong incentives in orderfor this to happen, " said the chief executive.
It might also reduce the need for antitrust enforcement by counteracting data aggregators' desire to grow ever bigger in order to reap economies of scale.
The issue is one of taxation: States want wine to travel through distributors rather than directly to consumers in order to collect tax revenues, and use Prohibition-era laws designed to stop rum-running forenforcement.
As markets and regulators begin to digest the massive failure of MF Global, many have come out to call for stricter enforcement of the Volcker Rule, which aims to separate proprietary trading from commercial banking in order to minimize systemic risk.