Blurring Regulatory Distinctions. Finally, electronic trading technology poses regulatory challenges for market participants and regulators alike. Electronic trading systems do not always fit neatly into the "broker-dealer" and "exchange" boxes set out in 1934. Market participants and regulators alike have an interest in creating a stable, easy to apply regulatory scheme. This scheme should encourage the development of new trading systems that can bring innovation and competition to the markets. Regulation ATS was the Commission’s attempt to establish such a scheme for all electronic trading systems.