The article discusses how the world's securities markets are becoming more global due to technology like the Internet. Different countries have different rules for trading securities, which can create an uneven playing field for companies and investors. To address this, regulatory agencies are working on internationalizing securities disclosure rules to provide investors with comparable information. Mandatory disclosure can make markets fairer, reduce risk for investors, and allocate capital more efficiently. However, disclosure also comes with costs that can deter companies from seeking capital. Regulatory agencies need to find the right balance between providing benefits to investors and not burdening issuers too much.