The standardisation of ABS, further harmonisation of insolvency laws and the integration of settlement systems are three illustrations from the securitisation market showing how the regulatory dimension of a capital markets union can achieve progress by accelerating existing initiatives and launching additional ones. More generally, the regulatory dimension implies both a deepening and broadening of the single rulebook.
Deepening means that prudential rules should converge further where undue carve outs remain. Broadening means that the single rulebook should be expanded to other areas that affect the single financial market. Institutional dimension Beyond the regulatory dimension of a capital markets union, there are a number of institutional questions related to consistency across market segments, multi-level governance, actors and geographical scope.