lambda, I am not quite sure how this would work in practice. Self interest will win out in the end and the prices set on exchanges that encourage HFT, dark pools and other exotics etc will set the price for the proposed exchange type.
The only way I can see is for governments to restrict certain types but allow a limited range of contracts that are transparent and fulfill basic needs eg options for hedging and futures for forward selling.
Any all imho as it is NEVER going to happen. The culture of Gordon Geko is alive and will persist.
