That same sort of argument is being made now by people who believe there should be a federal stock exchange. There is always a school of thought when difficulties arise between provinces in any given field that counsels avoiding all that and establishing one regulating authority at a federal level. That has a certain appeal for its simplicity, but the fact is that the provinces are pretty proud of their jurisdictions. They're pretty jealous of keeping their jurisdictions, and they're not about to hand it over to the federal level for the sake of convenience.
On October 18th, 2011. See this statement in context.