GLBSE is doomed to fail in its current form. The solution to the desire of a decentralized stock market is simple: either make a blockchain or blockchains for financial securities or associate securities with a unit in the blockchain.
Why Nefario thought it was ideal to have all the stocks in his control is beyond me.
So, how could we inject a securities feature in Bitcoin?
This questions comes up every few months. You can't. There is no point in storing the securities in a block chain because ultimately they are controlled by the issuer (company) in question.
The only reason it works for bitcoins is because bitcoins basically aren't tied to anything in the real world, they only exist in the block chain.
Shares in a company are tied to the company. The company may as well maintain their own centralized share holder register because if they're going to defraud you then they're going to defraud you anyway so you might as well trust them to maintain the register too.