These divisions of regulation does question whether ALL competition is good fair & orderly . New exchanges open with mass hype and promises of low costs , liquidity and hopes of cementing an arbitrage opportunity to many HFT players . This is not an issue but they fail to provide the necessary supervision and regulation ;their budgets just cannot cater for the same market supervision as the established exchanges . An example is how Nasdaq NLX  encouraged certain members to "cross up " trades to exaggerate volume and liquidity and appear to increase market share ; the dangers here to the retail trader are alarming as when they attempt to exit their trades they fail to find sufficient liquidity . I sometimes wonder if these new exchanges supervision departments are situated in broom cupboards  .

      One of my main gripes for 2015 is how our central banks are regulated and recent events worldwide need an explanation and perhaps even a government health warning ! The question for the moth is central banks regulation  as China's reported growth in Q2 2015 of 7% is as believable as Greece paying back their debts . The dangers of providing false statements & figures will accelerate a "crash " . Rumors of Chinese state owned banks cost of propping up their exchanges to the sum of £300billion + and having to exit their gold positions ; down 40%; only add fuel to the fire and questions the 7% tag ? 

Therefore these fabricated claims of 7% are as misleading and as criminal as the "hound of Hounslow " manipulation in layering & spoofing the market place ;as they both deliberately aim to mislead the retail trader . As traders every figure and comments from every central bank is eagerly watched and traded and perhaps the lesson to be learnt in 2015 is that these need to be monitored more from regulators as even Janet Yellen appeared guilty of leaking a figure !  Finally as much I we welcome these new exchanges to our shores to compete we must too be sadly aware that their regulation and supervision is still woefully short and perhaps that government health warning is needed to protect our retail traders ?