I look it as an evolutionary system, an arms race. Capture will happen if the regulators don't keep up. But it's possible to keep up. US financial markets have

I look it as an evolutionary system, an arms race. Capture will happen if the regulators don't keep up. But it's possible to keep up. US financial markets have a lot of internal regulation for traders, so they're wrangling some of the most aggressive do-anything-for-a-buck people on the planet. Nonetheless, the traders are generally kept in check. I used to do tech for derivatives traders and we knew to never, ever fuck around with a market. That didn't always stop our traders, of course. We had some based in Frankfurt who hated living there. They decided they wanted to live in London, and so quietly shifted their trading terminals to our London office. This was strictly forbidden; at least at the time, the mid-90s, trading on the Deutche Terminborse was to take place on German soil and nowhere else. Eventually the regulators got suspicious and so they were standing outside ringing the bell while watching our trading activity. So one of my technical colleagues had to rent a van, load everything up, drive it 10 hours back to Frankfurt, and have it all working by the next morning. Which we did, and so avoided formal sanction, but it was close. That probably kept those traders from doing something foolish for at least another year.