Mr Regulator and master regulator

ARE EXCHANGES BEYOND RELEGATION

2013 saw regulators flex their muscles and issue huge fines to punish traders for manipulation and abuse in our markets. The majority of these fines were for offences committed 4/5 years ago and I believe could of been avoided. These offences were reported to the relevant exchanges but were ignored by exchange regulation supervision departments. Therefore with the fines issued by our regulators how and why did our exchanges miss these blatant abuses? Rumors are that regulators are currently unable to intervene  unless we have a change in government policy; sadly most of these offences could of been avoided if all parties were singing from the same hymn sheet!

Were our exchanges as guilty of "libor abuse " by ignoring it ?