Jeremy Grant, who covers exchanges for the Financial Times, said that in racing after high frequency trading the utility functions of exchanges may be lost.

FORBES: Are Stock Exchanges Failing?

It would create a super-agency that rolls up the investor protection functions of the Securities and Exchange Commission, Commodity Futures Trading Commission, National Futures Association, FINRA and Securities Investors Protection Corp.

FORBES: Investor Protection: Super-regulator Needed

There are currently a wide range of independent UK regulatory bodies, covering both public services and private industry, which provide functions relating to consumer protection, economic regulation, competition and fair trading policy, professional standards and technical oversight.

BBC: Scotland politics