We like regulations to be efficient, but not necessarily no regulations. Let's face it, if you run a futures market, there are regulations about how prices are reported. There are regulations that you have to have a margin deposit, both buyer and seller. Regulations are needed to make an efficient market operate.
The Canadian Grain Commission has had a very effective mechanism for dispute resolution in the past. When I've visited the U.S., I've seen them get into protracted legal suits when there's a disagreement amongst grades, because they don't have the efficiency of an arbitrator who settles it.
So regulations can be cumbersome, but they can also make markets work very effectively. It's sort of like an ounce of prevention is worth a pound of cure: if you have a nice legal framework, it can really foster efficiency.