As you can see current financial world is regulated, every business and organisation have to follow law. Does this makes our financial system better?
Everything is fine, big financial institutions are getting bigger, banks are getting fed and people like Jordan Belfort are everywhere, it is your 'regulated' world for you.
To play the devil's advocate, if the financial world was left unregulated, it may have been far worse. Regulation may not be perfect, but it is still making the world a better place.