It happens that the U.S. lets futures exchanges regulate themselves under the umbrella of the Commodities Futures Trading Commission.

FORBES: Up From the Pits

These people contend that his background was a much better fit for the firm's traditional business of trading futures on exchanges for clients, rather than its aspirations under Mr. Corzine to become a full-service investment bank that could nimbly trade various financial instruments.

WSJ: Corzine Rebuffed Internal Warnings on Risks at MF Global

LIFFE, London's futures exchange, has felt just as left out as have Europe's other stock exchanges.

ECONOMIST: LIFFE alone