More than a few critics have called the current system for regulating financial services firms archaic. As hybrid products such as derivatives emerge, they say, it makes more sense to regulate by product than by issuer-be it bank, insurer, securities firm, or futures trader.

But a former top regulator is recommending a different cure.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.