William Galvin, Massachusetts secretary of the commonwealth, takes 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 says, in an editorial of his own.

“As chief securities regulator for Massachusetts, I urge that the proposed merger be given careful scrutiny,” Galvin write. “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 notes 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.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.