The International Securities Exchange (ISE) published a proposal outlining recommendations for reforming the regulation of U.S. financial markets. The proposal includes a call for the creation of a new Financial Markets Commission (FMC) that oversees all U.S. financial markets and trading platforms to address the fragmented regulatory responsibilities and differing regulatory approaches in the current system. The proposal urged a move toward risk-based regulation rather than the rules-based approach currently used under the Securities Exchange Act of 1934. To accomplish this shift, ISE recommended the adoption of a transitional authority to oversee the transition of functions from the Securities and Exchange Commission and the Commodity Futures Trading Commission to the FMC.  

http://www.ise.com/assets/files/about_ise/ISE_Proposal_for_US_Financial_Market_Regulatory_Reform.pdf