 A European securities market should offer the possibility of issuing, settling and holding securities in the same way, regardless where the issuer and the investors are located. A fully harmonized system of securities issuance could reduce the transaction cost for capital financing. It could make the European securities market more attractive in a globalized economy, and it would allow an effective redistribution of private risk across the European Union markets. A sound and uniform pan-European securities issuance mechanism would also be conducive to the creation of the capital markets union, obviously.