IMO the analogy is a bit of a non-seq. US exchanges are hybrids w.r.t. regulation and it's too much of a smear to allow it to happen. The MF debit is too big to absorb, so it will likely be the first. On another note, nobody is going to find/disgorge where Wasendorf hid the cash because he pissed it short W and short gamma in SPs. He may have put some into that Romanian RE deal, but the guy was driving a Cavalier! My guess is that the philanthropy was justified as Robin hood-esque and that he didn't shelter it. Pissed in the mkt or philanthropic. I think it's time the NFA tacked an additional dime on each trans. It's time to pass the cup around. It's the least we can do for a little peace of mind.