The ISD of 1992 has had a considerable influence on the development and structuring, as well as on the integration of the securities markets in Europe. Over the last ten years, markets have developed considerably and some have integrated. Time has come to update the rules of the game, taking into account the need for a stronger integration of the securities markets in Europe, the considerable increase of crossborder transactions due to the introduction of the Euro and the phenomenal developments in the information technology that increasingly determine the structure of securities trading.