NEW YORK (CNN) - The world puts its stock in the New York Stock Exchange; it's a venerable institution, and one that has been rocked this week by the resignation of its long-time chairman, Dick Grasso. But the changes are only beginning, and in my judgment, the changes will be far more profound than Grasso's resignation.

It's clear that many of those on the Exchange's board of directors don't understand that openness and transparency must be the watchwords for all markets. And after two years of corporate and Wall Street scandals, that is not only inexcusable, but simply mind-boggling. This board of directors simply has to be replaced, and replaced with men and women who fully understand the need for the highest standards of governance.

CNN's Lou Dobbs shares some of his thoughts on the embattled NYSE board. Play video (Real or Windows Media)

And watch the events of the upcoming weeks. The specialist system at the Big Board, that interposes specialist firms between buyers and sellers will be challenged, as it should be. The Exchange will make every effort to preserve the Big Board's self-regulatory role. But that must be ended. No other industry in the country regulates itself, and certainly Wall Street should not be allowed to continue the exemption from full outside regulation. I hope that SEC Chairman Bill Donaldson acts to make certain that his agency takes on that role in behalf of the 85 million American investors. After all, the agency is already conveniently called the Securities and Exchange Commission.