Therefore, what I am proposing is that the BitCoin community draft together a set of agreed security standards and best practices that all trusted exchanges should adhere to.
The bigger question is what do you do when a trusted exchange suddenly decides to take all your bitcoins and disappear? Which leads to another question: how do you know an exchange can be trusted?
Until you involve a few lawyers from a few countries that could answer those questions, you can't really consider any exchanges to be trustworthy no matter how secure they claim to be.