This has been a tough nine-month stretch for derivative industry regulators. In just about the time they had dealt with the fallout from one major scandal, another one came along to blow up in their collective faces. And in the wake of each scandal, public criticism of the regulators and the regulatory process has grown louder. When public complaints and criticism grows, so too does the inevitable political criticism.First, in late last October one of the largest futures brokerages, MF Global, collapsed into bankruptcy with roughly $1.6 billion of supposedly segregated client money mysteriously missing. There was a deafening uproar among MF Global's many clients and within the futures industry. How could this happen? Supposedly, the CME a...