That's just a bunch of nonsense. Every single topic you mention (derivatives, stochastic calculus, risk models, etc.) is well known and studied in universities

That's just a bunch of nonsense. Every single topic you mention (derivatives, stochastic calculus, risk models, etc.) is well known and studied in universities before it even entered the radar of financial institutions. What universities don't know is the insidious combination of rules they're trying to come up with in industry, because that is the "secret sauce" they want to conceal. This is exactly why regulation needs to be done outside the industry circle that will benefit from it: society needs to have clarity about what kinds of deals Wall Street and other industries are trying to work on. Without this transparency, the work of specialists in Wall Street payroll will always be seen, with reason, as suspicious.