Some heavy hitters in the worlds of business and politics are warning that U.S. markets need a lighter regulatory touch if they are to compete against global rivals. Treasury Secretary Henry Paulson; business-media mogul and mayor of New York, Michael Bloomberg; Sen. Charles Schumer, D-N.Y.; and dean of Columbia University's business school, Glenn Hubbard, all suggest that the post-Enron environment is driving business away from U.S. exchanges. But the truth is far more complicated and deregulation might not help.

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