This is an excellent discussion, Cheers! But you seem a bit too optimistic about how the "wall to wall" trading platform will come into being, before we have another crash in the hyper-leveraged and derivatives riddled markets (in name only,. since the unregulated and monopolistic still prevail). Apparently we have learned little since LTCM. Shadow Regulation for Shadow Banking, is a fairy tale, especially when the US tax payer is still secretly back stopping the monsters of systemic risk.