Academic literature has raised questions about the effectiveness of such arrangements, pointing out that a "regulatory arm" of an exchange can be financed through the budget of the profit making entity. Unless the budget of the regulatory arm is both independent and substantial, the number of instances that it can investigate may arguably be insufficient (Brown, 2008). The importance of further insulating the regulatory entities which are part of exchange groups has therefore been repeatedly stressed in public debate. Entities such as FINRA, which performs market regulation under contract from several large American exchanges, has been highlighted by.
