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Whereas bank regulators have been moving towards global harmonization of capital adequacy standards for banks, securities regulators have been much less successful in their attempts to achieve parallel agreement on minimum capital adequacy standards for securities firms. Furthermore, securities regulators and bank regulators have been unable to agree a common approach that would enable banks securities operations to be regulated in the same way as the securities operations of non-bank investment firms. The failure to establish common standards in this key area could pose a serious threat to global financial stability at a time when financial markets are becoming increasingly integrated both geographically and through banks' diversification into securities business. This text focuses on contrasting approaches to the regulation of investment firms in the major financial centres - essentially European Union, US and Japan - while highlighting the underlying policy differences in the countries concerned. The author emphasizes the need for a level playing field, and the idea that banks and investment firms should be subject to the same capital adequacy standards in respect of their securities activities.