It's almost certain that the exchanges will come under regulation - and soon. Not only will the government want to take its cut in the form of taxes, but as institutional investors become more involved in the markets they will want more security and relability from the exchanges. They only way they can be assured of this is if regulations are put in place that dictate how the exchanges must behave to operate in certain jurisdictions.
That's a great analysis, I hadn't thought about the investors who want...no need stability and security. It will be interesting to see how the exchanges will cope with that.