On October 4th, SEC Commissioner Daniel Gallagher addressed SIFMA's 15th Annual Market Structure Conference. Gallagher wants the SEC to conduct a new comprehensive study that addresses both market structure and self-regulation. Among the issues the study should consider are whether exchanges should still be self-regulatory organizations; the role of the Financial Industry Regulatory Authority; and whether the self-regulatory organizations have the resources and willingness to perform sufficiently rigorous analyses to support their rulemaking. Gallagher Remarks. The Wall Street Journal reported Gallagher's comments come at a time when banks and brokerages are questioning the exchanges' regulatory power and whether that power should be curtailed in light of the exchanges' demutualization and transformation into for-profit companies. Questions.