Since it no longer makes sense for the increasingly entwined cash and derivatives markets to be policed by separate regulators, a sensible first step towards streamlining would be to merge the CFTC and the SEC.

• 因为它不再对套现日益严重的资金有任何调控作用，派生的二级市场也是由独立监管机构管辖的，因此对于处理这种冗叠机构的明智之举，第一步就是将证交会与商品期货交易委员会合并。