William Galvin, Massachusetts secretary of the commonwealth, has taken issue with a recent Wall Street Journal editorial praising the proposed merger of the regulatory units of the NASD and the New York Stock Exchange.

More regulators-including competition among them-will better protect investors, Galvin said, in an editorial of his own.

"As chief securities regulator for Massachusetts, I urge that the proposed merger be given careful scrutiny," Galvin wrote. "Such a drastic change in the regulation of the U.S. financial markets deserves careful deliberation, and, to date, meaningful consideration has not been given to the voice of the average investor."

He noted that even though a number of regulators were aware of the mutual fund late trading and market timing, they failed to act until state regulators stepped up to the plate.

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