Duncan Niederauer, chief exec of NYSE Euronext, told a panel here at Davos that rather than inventing a whole host of new regulations, we'd be better off focusing on existing means of bringing order to markets, specifically taking a page from the exchanges books by having central clearing and more price transparancy for derivatives and off-exchange structured products. I think he's actually got a great point about clearing and better price information, but I can't see this as being anywhere near bringing regulation up to scratch.
The response from others on the panel was similar.
Nourial Roubini of NYU - "The ideology of the last decade was self-regulation which means no regulation. Reliance on ratings agencies with massive conflicts of interest.
"If we don't want a backlash against trade we have to have prudential regulation of the financial system."